WATCH:International Credit Rating Agency Moody has downgraded - TopicsExpress



          

WATCH:International Credit Rating Agency Moody has downgraded Capitec by two notches in the latest development. The Banking Association of South Africa says rating agency has overreacted by downgrading local bank, Capitec. Moodys cited concerns about Capitecs exposure to risky consumer lending as a reason for the downgrade. Capitec has called its two-notch downgrade unfair and the rationale behind it unfounded. The cuts come after South Africas central bank launched a $1.6 billion bailout of unsecured lender African Bank Investments (Abil) this month, which was toppled by surging bad debts among its core market of low-income borrowers. We were joined in studio today by Head of Research Imara S.P.Reid Stephen Meintjies.
Posted on: Tue, 19 Aug 2014 08:28:53 +0000

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