Ratings on eight South African financial institutions lowered following similar action on sovereign

• On Nov. 24, 2017, we lowered our long-term foreign currency ratings on South Africa to 'BB' from 'BB+'. • We do not rate financial institutions in South Africa above the foreign currency sovereign ratings, given the direct and indirect impact that sovereign distress would have on domestic banks' operations. • As a result, we are lowering our ratings on six financial institutions and two bank holding companies operating in South Africa.

S&P Global Ratings said today that it had lowered its ratings on six South Africa-based financial institutions and two related holding companies, as well as its national scale rating on the domestic medium-term note (MTN) program issued by BNP Paribas through its local branch.

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