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Moody's downgrades four top South African banks

By Sapa-AFP | 2014-08-20 07:46:16.0 | COMMENTS [ 0 ]

Moody's on Tuesday downgraded the credit rating of four top South African banks, after the government was forced to bailout a troubled lender.

In a statement, the ratings agency said it had downgraded Standard Bank, Absa, FNB and Nedbank by one notch to Baa1, in a move sure to raise more questions about the health of the vital sector.

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