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ABSA BANK LIMITED - Fitch Downgrades South African Banks ("Fitch")

Release Date: 17/01/2013 07:05
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Fitch Downgrades South African Banks ("Fitch")

Absa Bank Limited
(Incorporated with limited liability in South Africa under registration number
1986/004794/06)
("Absa Bank")
Bond Issuer Code: ABMN
Share Code: ASA
Preference Share Code: ABSP

Fitch Downgrades South African Banks ("Fitch")

Notice is hereby given that Fitch has on 15 January 2013, downgraded some of South Africa’s biggest
banks. However, Absa Bank has been relatively unaffected by this downgrade, with its local and
foreign currency long-term Issuer Default Rating (IDR) affirmed at ‘A-‘ and its National Long-term
rating upgraded to 'AAA(zaf)' from 'AA+(zaf)'.

The Viability Ratings (VR) of Absa Bank, Absa Group Limited (Absa), FirstRand, Investec Bank,
Investec Limited (Investec), Nedbank Group Limited (Nedbank Group), Nedbank, SBSA and Standard
Bank Group Limited (SBG) have been downgraded by one notch following the one-notch downgrade
of South Africa's foreign currency IDR to 'BBB' The downgrade of the banks' VRs reflects the major
banks' concentration to South Africa, a high proportion of liquid assets invested in government
securities and a weakening operating environment as indicated by the downgrade of the sovereign
rating. The sovereign rating is now effectively acting as a cap on these banks' VRs at this rating level
because of their strong links with South Africa.

The rating actions are as follows:
Absa Bank Limited:
Long-term foreign currency IDR: affirmed at 'A-'; Outlook Stable
Short-term foreign currency IDR: affirmed at 'F2'
Local currency Long-term IDR: affirmed at 'A-'; Outlook Stable
National Long-term rating: upgraded to 'AAA(zaf)' from 'AA+(zaf)'; Outlook Stable
National Short-term rating: affirmed at 'F1+(zaf)'
Viability Rating: downgraded to 'bbb' from 'bbb+'
Support Rating: affirmed at '1'
Senior unsecured debt: Long-term foreign currency rating affirmed at 'A-'; Short-term foreign currency
affirmed at 'F2'
Senior unsecured notes National Long-term rating: upgraded to 'AAA(zaf)' from 'AA+(zaf)'

Absa Group Limited:
Foreign currency Long-term IDR: affirmed at 'A-'; Outlook Stable
Foreign currency Short-term IDR: affirmed at 'F2'
Local currency Long-term IDR: affirmed at 'A-'; Outlook Stable
National Long-term rating: upgraded to 'AAA(zaf)' from 'AA+(zaf)'; Outlook Stable
National Short-term rating: affirmed at 'F1+(zaf)'
Viability Rating: downgraded to 'bbb' from 'bbb+'
Support Rating: affirmed at '1'

Absa Banks’ credit ratings are also available for download from www.absa.co.za.
Johannesburg
16 January 2013

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)

Date: 17/01/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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