African Bank gets ratings upgrade

S&P Global has revised the credit rating of restructured African Bank upwards. The ratings agency revised the bank’s outlook from negative to stable, also affirming its B+/B global scale rating. Its national scale rating was raised to zaBB from zaBB-.

According to African Bank, S&P noted that it had balanced the bank's strong capital levels and limited medium-term refinancing risks against the weak economic environment that could negatively impact its earnings and stability, as well as longer-term risk that its funding was susceptible to investor confidence. The global ratings agency also made mention of African Bank's greatly improved capitalisation.

African Bank's financial results for the six months to 31 March will be released on 23 May.

Pictured: Gustav Raubenheimer, African Bank CFO