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Absa Bank Ltd. Dec 10
Standard & Poors, Dec 2010
Abstract
Strategically important subsidiary of Barclays Bank PLC. Strong market position, especially in South African retail banking. Resilient earnings. The higher-than-average social and operational risks in South Africa, the bank's main area of concentration. Weak asset quality and moderate provisioning. Above-average structural liquidity risks, which are common to South African banks. The public information ('pi'; unsolicited) rating on Absa Bank Ltd. (Absa) reflects Standard & Poor's Ratings Services' view of 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 resilient earnings. The ratings are constrained by the higher-than-average social and operational risks in South Africa (foreign currency rating BBB+/Negative/A-2), weakened asset quality and aggressive provisioning, 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 US Funding LLC,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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