Moody’s downgrades four top SA banks

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Moody’s on Tuesday downgraded the credit rating of four top South African banks, after the government was forced to bailout a troubled lender.

In a statement, the ratings agency said it had downgraded Standard Bank, Absa, FNB and Nedbank by one notch to Baa1, in a move sure to raise more questions about the health of the vital sector.

– Sapa

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