(The following statement was released by the rating agency)
March 29 –
Overview
— On March 28, 2012, we revised the outlook on the long-term sovereign
credit ratings on the Republic of South Africa to negative from stable, and
affirmed the ratings.
— We are therefore revising the outlook on FirstRand Bank Ltd. (FRB) and
FirstRand Ltd. (FRL) to negative from stable. At the same time, we are
affirming the ‘BBB+/A-2’ ratings on FRB and the ‘BBB/A-2’ ratings on FRL.
— The negative outlook on both entities reflects that on the Republic of
South Africa.
Rating Action
On March 29, 2012, Standard Poor’s Ratings Services revised its outlook on
South Africa-based FirstRand Bank Ltd. (FRB), and its nonoperational holding
company FirstRand Ltd. (FRL), to negative from stable. At the same time, we
affirmed the ‘BBB+/A-2’ long- and short-term counterparty credit ratings and
‘zaAA/zaA-1’ national scale ratings on FRB and the ‘BBB/A-2’ long- and
short-term counterparty credit ratings and ‘zaAA-/zaA-1’ national scale
ratings on FRL.
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