Limassol, April 04, 2014 -- Moody's Investors Service has today affirmed the national scale issuer ratings of Grindrod Bank Limited, at Baa3.za/P-3.za (stable outlook). This rating action reflects the bank's improved -- although still vulnerable -- funding profile, solid asset quality, adequate capitalisation and moderate profitability. In addition, the rating action takes into account the bank's small franchise specialising in the financing of the commercial property sector, and its resulting high credit concentrations to the real-estate sector. The rating outlook remains stable, as the rating agency does not expect any significant near-term downward pressure in the bank's credit profile, despite the challenging operating environment in South Africa.

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