April 6, 2017 / 1:36 PM / 7 months ago

South African banks can deal with 'junk' rating impact - cbank

JOHANNESBURG, April 6 (Reuters) - South African banks are adequately capitalised to deal with effects of a sub-investment credit rating, the central bank said on Thursday, after S&P downgraded several major financial institutions to junk status.

“The resilience of the banks stems from the high capital buffers that prevail in the South African banking system,” the bank said in a statement.

“Overall, the South African financial system remains healthy, robust and resilient despite some headwinds caused by elevated levels of domestic economic, financial and political events, as well as global financial market volatility.” (Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia)

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