April 4, 2017 / 9:27 AM / 8 months ago

Standard Bank says South African lenders can withstand downgrades

JOHANNESBURG, April 4 (Reuters) - South African banks are financially sound and well-positioned to withstand the impact of sovereign credit rating downgrades, Standard Bank, the country’s second largest lender by value, said on Tuesday.

Ratings agency S&P cut South Africa’s credit rating to junk status on Monday, saying the dismissal by President Jacob Zuma of a respected finance minister heralded a damaging policy shift. (Reporting by Tiisetso Motsoeneng; editing by David Clarke)

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