ratings

Africa

Downgrade hits South African banks

Shares in South Africa’s largest banks fell on Wednesday, following downgrades from the ratings agency Moody’s. Standard Bank, FNB, Nedbank and ABSA, which is owned by Barclays, were all downgraded on Tuesday and Moody’s warned of more possible ratings cuts. The move comes a week after South Africa’s central bank bailed out the smaller lender African Bank. The South African…