Nedbank Limited -- Moody's downgrades four South African banks; on review for further downgrade

Limassol, August 19, 2014 -- Moody's Investors Service has today downgraded by one notch the long term local-currency deposit ratings of the four largest South African banks, Standard Bank of South Africa (SBSA), Absa Bank Limited (Absa), FirstRand Bank Limited (FirstRand) and Nedbank Limited (Nedbank), to Baa1 from A3. The banks' long term national scale deposit ratings have also been downgraded to Aa3.za from Aa2.za. In the case of Absa, FirstRand and Nedbank, where Moody's rates their senior unsecured debt, associated debt ratings have also been downgraded to Baa1 from A3. All ratings of the above banks and their corresponding long term foreign-currency ratings, as well as those of Investec Bank Limited (Investec), were placed on review for downgrade.

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