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ABKI ABHL - Upgrade of African Bank assigned Moody’s deposit ratings following methodology update
African Bank Limited
(Incorporated in the Republic of South Africa)
(Registered Bank)
(Registration No. 2014/176899/06)
Company code: ABKI
LEI: 2549008X8SL1B1J86F98
(the "Bank" or "African Bank")
African Bank Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No.: 2014/176855/06)
Company code: ABLI
LEI: 254900UUEMIK0XL5A056
("ABHL")
Upgrade of African Bank assigned Moody's deposit ratings following methodology update
On 6 March 2024, Moody's Investors Service ("Moody's") implemented ratings action, which includes
the upgrade of the long-term deposit ratings for African Bank. The rating action resulted from the
application of Moody's Advanced Loss Given Failure ("Advanced LGF") analysis for African Bank
following the publication of Moody's updated banks methodology on 5 March 2024.
The rating action follows the introduction of an operational resolution regime for the banking system
in South Africa. Moody's applies its Advanced LGF analysis to banks operating in jurisdictions with
operational resolution regimes. The Advanced LGF framework assesses the potential impact of a
bank's failure on its various debt classes and deposits including the subordination of more junior
liabilities and the volume of each class of liabilities.
After the application of the Advanced LFG, noteholders are advised that the long-term local and
foreign currency global scale deposit ratings for African Bank were upgraded by two notches from
B1 to Ba2, with the outlook affirmed as stable. The impact of this change resulted in the upgrade of
the previously assigned long-and-short-term national scale bank deposits rating from A3.za/P-2.za
to Aa2.za/P-1.za.
The Moody's press release can be accessed on www.moodys.com.
7 March 2024
Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Date: 07-03-2024 02:04:00
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