South Africa's downgrade by S&P Global Ratings to junk has added fresh woes to the share price of Barclays Africa Group, coming at a time when the London-based parent company, Barclays plc, seeks to cut ties with its Africa subsidiary. The latest dent to the share price is certain to worry Barclays plc investors, who have been watching the share price of Barclays Africa Group slide since the beginning of the year - rendering it the worst-performing banking stock on the JSE so far this year. A weak pound fuelled by Brexit in June last year, a stronger rand and the alleged involvement of Barclays Africa Group in the rand price-fixing saga are some factors that have weighed on its share price. This week, Barclays Africa Group was also one of seven financial institutions in South Africa to have their ratings downgraded by S&P Global to junk, in line with the country rating. While the impact of South Africa's credit downgrade and the consequent downgrade of Barclays Africa Group has yet ...
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