Capitec paid Moody’s for a rating

by CNBC Africa 13 views0

Capitec which was downgraded two notches by Moody’s on Friday says it paid Moody’s for a rating.

The bank’s CEO Gerrie Fourie told CNBC Africa’s Power Lunch show that it paid Moody’s about 1 million rand (100,000 US dollars).

He expressed his frustration at the assessment and says he has asked the rating agency to reassess its position when the bank releases its results next month.