S&P Global Ratings ("S&P") have, on 7 May 2020, lowered African Bank Limited’s ‘B+’ long term issuer credit rating to ‘B’ and affirmed the ‘B’ short term rating. The outlook is stable. S&P have also affirmed the 'ZaA-/zaA-2' long term and short term South African national scale ratings for African Bank, respectively.
The long term issuer credit rating applies to the African Bank’s EMTN programme and all notes issued under this programme, which are listed either on the London Stock Exchange ("LSE") or the Swiss Securities Exchange ("SIX"). The DMTN and all notes issued under that programme are not rated.
African Bank Limited is funded by three main sources
- Bonds raised under the Bank’s Domestic Medium Term Note Programme (DMTN). The bonds are listed on the Johannesburg Stock Exchange (JSE).
- Bonds raised under the Bank’s Euro Medium Term Note Programme (EMTN). The majority of these bonds are listed on the London Stock Exchange (LSE) and the Swiss Stock Exchange (SIX).
- Bilateral deposits raised from South African corporate asset managers on a one on one bilateral basis.
All funding raised by means of the bilateral channel are subject to certain general and product specific standard terms and conditions. These terms and conditions are detailed in this section.
The information referred to above can be accessed below under the respective sub sections for each year.