Moodys upgrades Mercantile Bank two notches up
Moody’s upgrades Mercantile Bank two notches up despite tough economic conditions in South Africa This month, Moody’s Investors Service raised Mercantile Bank’s long- and short-term national scale ratings to Baa1.za/P-2.za from Baa3.za/P-3.za. The ratings agency gave Mercantile Bank a “stable outlook in view of its robust financial performance, which supports its ability to withstand the potential pressures stemming from the current economic slowdown in South Africa”. This rating reflects Mercantile Bank’s small but growing franchise – 0.2% in terms of total assets – in South…
