Fitch upgrades five SA banks

The Competition Tribunal is taking on 17 local and international banks for allegedly manipulating the currency market. The banks are accused of collusion and price fixing dating back as far as 2007.

South African banks

Sethembiso Zulu / eNCA

JOHANNESBURG - Fitch Ratings has upgraded five South African banks' Long-Term Ratings to AA+ with a stable outlook.

The five banks are Absa, Investec, Nedbank, Standard Bank and FNB.

This reflects an improvement in their creditworthiness relative to the best credits in the country.

READ: Ratings downgrade will hit consumers hard

Fitch says the banks have significant headroom to withstand current pressures.

It also says their profiles, management, and strategy, and risk appetite remain strong.

The rating agency says the banks' ratings could be upgraded further if they continue with their strong performance.

Debt ratings have also been upgraded by one notch.

Source
eNCA

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