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Absa Bank Ltd. Dec 08
Standard & Poors, Dec 2008
Abstract
Strategically important subsidiary of Barclays Bank PLC Strong position in the retail banking market in South Africa Satisfactory financial performance and capitalization Adequate funding and liquidity Higher-than-average social and operational risks in South Africa Slowing economic growth and the deteriorating credit environment weaken asset quality Structurally high liquidity risks of the South African banking sector, reflecting a low savings rate The public information ('pi'; unsolicited) rating on Absa bank Ltd. (ABSA) reflects the bank's strategic importance to its majority shareholder U.K-based Barclays Bank PLC (Barclays; AA/Watch Neg/A-1+), its strong retail position in the South African market, and satisfactory financial profile and capitalization. The bank also benefits from adequate funding and liquidity. The ratings are constrained by the higher-than-average social and...
Companies mentioned in this report are: Absa Bank Ltd. (Unsolicited Ratings),Barclays Bank PLC,Barclays Bank S.A.,Barclays Bank PLC (Australian Branch),Barclays Private Clients International Ltd.,Barclays Bank Ireland PLC,Barclays Bank Mexico S.A. ,Barclays PLC
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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