Congratulations Grindrod Bank for achieving national scale ratings of BBB+(ZA) and A2(ZA) in the long term and short term respectively; and a Stable outlook accorded.
Global Credit Ratings recently affirmed this rating as well as the international scale long-term local currency rating of BB; with the outlook accorded as Negative.
The rating is based on certain criteria, such as, the Bank is a well-established, it is a streamline business offering niche products, that it is a subsidiary of Grindrod Limited with implicit linkages such as corporate identity, common management, intercompany loans/deposits and well as the financial backing of the parent company. The Bank’s financial performance, as well as risk-appropriate capitalisation and conservative risk appetite, was also taken into account. The positive national scale rating granted is despite the challenging economic climate and weakening credit environment. The international scale rating will be sensitive to changes in the sovereign rating of the country.