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Capitec: Credit rating not affected by Viceroy report

In a statement quoting the rating's firm's bulletin on Thursday morning, Capitec says that "to date, the bank has experienced only mild funding outflows and its liquidity remains sound".

Picture credit: @CapitecBankSA

JOHANNESBURG - Capitec says that its credit rating by S&P Global Ratings has not been affected by a report from Viceroy Research accusing it of overstating its income and assets.

In a statement quoting the rating's firm's bulletin on Thursday morning, Capitec says that "to date, the bank has experienced only mild funding outflows and its liquidity remains sound".

Viceroy, a US firm, published a report on Tuesday which said that Capitec was a "loan shark with massively understated defaults, masquerading as a community microfinance provider".

The report triggered a brief slump of 25% in its shares.

Capitec has dismissed the allegations, calling the report "flawed with inaccurate statements".

WATCH: Capitec CEO says Viceroy report one sided & factually incorrect