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S&P Global Ratings upgrades Old Mutual Ltd’s national scale credit rating to ’zaAA+/zaA-1’ from ’zaA+/zaA-1’. Also raises global scale rating of Old Mutual Life Assurance Co (South Africa) Ltd to ’BB+’ from ’BB’, with a positive outlook. S&P also revises up the credit rating of Nedbank Ltd, a subsidiary of Nedbank Group Ltd. Nedbank’s long-term global scale rating raises to ’BB’ from ’BB-’. S&P affirms the ’B’ short-term global scale rating for S&P, with the positive outlook. Also, S&P raises Nedbank’s long-term South Africa national scale rating to ’zaAAA’ from ’zaAA+’ and affirms the ’zaA-1+’ short-term national scale rating. FirstRand Bank Ltd says S&P has upgraded its long-term global scale rating to ’BB’ from ’BB-’ and the long-term national scale rating to ’zaAAA’ from ’zaAA+’, with the positive outlook. S&P also affirms FirstRand Bank’s short-term global scale rating at ’B’ and the short-term national scale rating at ’zaA-1+’. FirstRand Bank is a division of FirstRand Ltd. These ratings come after S&P upgraded South Africa’s sovereign credit rating to does not rate ’BB’ from ’BB-’, with the positive outlook. The rating agency does not South African financial institutions above the country’s foreign currency sovereign rating. Current Old Mutual stock price: R 13.71, up 0.9% in Johannesburg 12-month change: up 7.0% Current Old Mutual stock price: 60.60 pence in London 12-month change: up 8.2% Current Nedbank stock price: R 262.72, down 0.3% in Johannesburg 12-month change: down 9.4% Current FirstRand stock price: R 82.15, up 0.1% in Johannesburg 12-month change: up 7.3% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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