SA’s five largest banks suffered more cuts to their credit ratings on Wednesday as Moody’s Investors Service downgraded them to junk for the first time while Fitch cut them further into non-investment grade.

The country’s five largest bank by assets — Absa, FirstRand, Nedbank and Standard Bank, as well as Investec — saw their local and foreign currency deposit ratings lowered to junk by Moody’s. ..

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