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'SA banking sector healthy and robust'

The SARB says it doesn't agree with Moody's downgrading of the country's top four banks.

The SARB says it doesn't agree with Moody's downgrading of the country's top four banks. Picture: Facebook.

JOHANNESBURG - There's been some debate about whether South Africa will lose investor confidence as a result of ratings agency Moody's downgrading of the country's top four banks.

The South African Reserve Bank says it doesn't agree with the ratings agency's decision to downgrade Standard Bank of South Africa, FirstRand, Nedbank and Absa Bank, the local operation for Barclays Group Africa, by one notch, saying the banking sector is healthy and robust.

The latest blow comes after the downgrading of Capitec Bank by two notches and the fall of African Bank last week.

Sanlam Investment's Patrice Rousseau says, "You rely on investor confidence and depositor confidence for the system to work efficiently. Just after one of our financial institutions, African Bank, having gone into curatorship. Moody's is now trying to imply that the whole system might be worse off."