S. Africa Banks’ Outlook Cut
World Economy

S. Africa Banks’ Outlook Cut

Moody’s Investors Service cut the outlook for South Africa’s banking system from stable to negative, just weeks after the agency affirmed its rating for the country, News24 reported. This blow to a key sector of the economy comes a week before Standard & Poor’s is set to release its latest assessment. Moody’s said the change in its assessment reflected its view that the major local banks’ creditworthiness was likely to come under pressure in the next 12 to 18 months. “Our negative outlook for the banking system is consistent with the current negative outlook on the government rating and on the large banks’ ratings,” Moody’s said. “The change in outlook is mainly due to the deteriorating operating conditions, which will challenge banks’ asset quality and profitability,” the agency said. Another factor that drove the change in outlook was the expectation that the government’s capacity to support any of the banks was likely to deteriorate in the future.


Short URL : http://goo.gl/PZkWrc
  1. http://goo.gl/9C8ulG
  • http://goo.gl/1lZbSf
  • http://goo.gl/ARLijK
  • http://goo.gl/Y0DPuY
  • http://goo.gl/xxyfMD

You can also read ...

Najib Says Malaysia Reserves at $100 Billion
Malaysia’s international reserves, which amount to more than $...
For the full year 2017, GDP growth may be slightly higher than the 1.4% estimated in the previous bulletin, the Bank of Italy said.
Fitch Ratings has affirmed Italy's sovereign rating at 'BBB'...
Pakistan Economy Teetering as Pleas for Remedy Mount
Pakistan is showing clear signs of economic meltdown amid...
If NAFTA is scrapped, some economists predict that the big automakers would just shift production altogether to Europe or Asia.
America’s federal government finished fiscal 2017 with a...
Japan Faces Huge Challenges
Is Japan’s problem-plagued economy finally turning a corner?...
Fed Chair Race Heats Up
President Donald Trump said he’s considering Stanford...
Bitcoin Hits Fresh All-Time High of $6,000
Bitcoin surged to a new all-time high above $6,000 on Friday,...
South Korea Exports Rise 6.9%
South Korea’s exports rose 6.9% during the first 20 days of...