“Ratings agency Moody’s downgraded four South African banks on Tuesday and put them on review for further cuts, saying there was a lower likelihood of support from the central bank to protect creditors after African Bank’s debt crisis.  Moody’s cut ratings for Standard Bank of South Africa, FirstRand , Nedbank and Absa Bank, the local operation for Barclays Group Africa. The ratings agency said it was adjusting its view following the $1.6 billion bailout of African Bank by the South African Reserve Bank (SARB).  Moody’s said while SARB’s actions mitigated the risk of contagion across the banking sector, the regulator had indicated by its actions that it was willing to impose losses on creditors.”

http://www.sabc.co.za/news/a/b7f27b804529137bb9b7b9a5ad025b24/Moody’s-downgrades-South-Africa’s-four-biggest-banks

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