African Bank Limited -- Moody's downgrades African Bank Limited to Ba1/Not-Prime; on review for further downgrade

Limassol, May 29, 2014 -- Moody's Investors Service has today downgraded by one notch African Bank Limited's deposit and senior unsecured debt ratings to Ba1/Not Prime, from Baa3/Prime-3, and the standalone bank financial strength rating to D, from D+, equivalent to a ba2 baseline credit assessment. Concurrently, Moody's has downgraded African Bank Limited's national-scale issuer ratings to A3.za/P-2.za from A2.za/P-1.za and the provisional (P) rating on its European Medium-Term Note (EMTN) subordinated debt programme to (P)Ba3 from (P)Ba2. All ratings have been placed on review for further downgrade except the Not-Prime short-term deposit ratings.

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