Moody's cuts Capitec Bank rating to D - CNBC Africa

Moody's cuts Capitec Bank rating to D


by Reuters 0

Moody's cuts S.African Capitec Bank financial strength rating to D. PHOTOS: eastrandmall/Moody's

The agency cited concerns about its exposure to risky consumer lending.

(READ MORE: Capitec rides tough lending climate)

Moody's said in a statement it had cut Capitec's financial strength rating to D from D+, adding that all of the bank's ratings would be put on review for further downgrades.

(READ MORE: National credit regulator supports ABIL's curatorship)

Concerns about consumer lending in Africa's most developed economy have increased since the central bank launched a 1.6 billion US dollars rescue of African Bank Investments last week.