S&P downgrades two of S.Africa's biggest banks

Rating agency Standard & Poor’s (S&P) has downgraded the credit rating of Standard Bank and FirstRand to BBB from BBB+ for long-term debt but affirmed both banks’ A-2 short-term rating. S&P's decision followed the lowering of South Africa’s sovereign debt ratings. The country's debt has been downgraded by both S&P and Moody’s, with both citing the worsening macroeconomic situation in Africa’s largest economy.