Moody's rates SA bank

Credit ratings agency Moody's said yesterday it had assigned a "junk" rating to Barclays Africa's long-term and short-term foreign currency debt.

The rating is a notch below investment grade, or Ba1, and is in line with the South African sovereign credit rating.

Barclays Africa's local currency rating remained investment grade at Aa3, Moody's said in a statement.

The agency said the rating captured Barclay Africa's good capital buffer, healthy equity-to-assets ratio, solid profitability and liquidity metrics, and the group's diversified operations.