Credit ratings



FirstRand Bank Limited (FRB or the bank)

FRB's credit ratings reflect the bank’s strong market position as one of the Big 4 banks in South Africa as well as its focused strategy, good core profitability, financial flexibility, robust risk management and sound capitalisation.


Credit ratings assigned by Standard & Poor’s

December 2016

 

FirstRand Bank Limited

Sovereign rating (South Africa)

Foreign currency 

   

Long-term

BBB-

BBB-

Outlook

Negative

Negative

Short-term

A-3

A-3

     

Local currency 

   

Long-term

BBB-

BBB

Outlook

Negative

Negative

Short-term

A-3

A-2

     

National scale

   

Long-term

zaAA-

 

zaAAA

Short-term

zaA-1

zaA-1

  

Credit ratings assigned by Moody’s Investors Service

December 2016

 

FirstRand Bank Limited

Sovereign rating (South Africa)

Foreign currency 

   

Long-term

Baa2

Baa2 

Outlook

Negative

Negative

Short-term

P-2

 

     

Local currency 

   

Long-term

Baa2

Baa2 

Outlook

Negative

Negative 

Short-term

P-2

 
     

National scale

   

Long-term

Aaa.za

 

Short-term

P-1.za

 

 

Baseline credit assessment

baa2

 

Outlook

Negative

 

 

 

 

FirstRand Limited (FSR)

FirstRand Limited is the holding company of FRB. It is standard practice for a holding company (in this case FirstRand Limited or FSR) to be rated at least one notch lower than the operating company (in this case FRB). It is important to note that the FirstRand Group issues debt out of FRB, the credit counterparty. No debt is issued from FirstRand Limited.

 

 

Credit ratings assigned by Standard & Poor’s

December 2016

 

FirstRand Limited

 

Foreign currency credit rating

   

Long-term

BB+

 

Outlook

Negative

 

Short-term

B

 
     

Local currency credit rating

   

Long-term

BB+

 

Outlook

Negative

 

Short-term

B

 
     

National scale

   

Long-term

zaA

 

Short-term

zaA-2