SA banks cut deeper into junk by Fitch on virus
JOHANNESBURG – The credit ratings of South Africa’s five largest banks were downgraded deeper into junk territory by Fitch Ratings, which cited a deteriorating operating environment following the outbreak of the novel coronavirus.
The ratings were reduced by one notch to BB, two steps below investment grade and one notch lower than that of South Africa, Fitch said in a statement late on Tuesday.
Moody’s Investors Service also lowered its assessment on the lenders one notch to bring it into line with the sovereign, which was downgraded last week.
Source: iol.co.za
