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Absa Bank Ltd. Dec 09
Standard & Poors, Dec 2009
Abstract
Strategically important subsidiary of Barclays Bank PLC. Strong market position, especially in South African retail banking. Good risk management and controls. The higher-than-average social and operational risks in South Africa, the bank's main area of concentration. Pressured asset quality and aggressive provisioning. Above-average structural liquidity risks, common to South African banks. The public information ('pi'; unsolicited) rating on Absa Bank Ltd. reflects the bank's strategic importance to its majority shareholder, U.K.-based Barclays Bank PLC (Barclays; AA-/Negative/A-1+), its strong market position in South African retail banking, and strong risk management and controls. The ratings are constrained by the higher-than-average social and operational risks in South Africa (foreign currency rating BBB+/Negative/A-2, local currency rating A+/Negative/A-1, South African National Scale Rating zaAAA/zaA-1), declining...
Companies mentioned in this report are: Absa Bank Ltd. (Unsolicited Ratings),Barclays Bank PLC,Barclays Bank S.A.,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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