May 30, 2014 / 10:43 AM / 3 years ago

South Africa's Abil doesn't expect higher funding costs after downgrade-CEO

JOHANNESBURG, May 30 (Reuters) - African Bank Investments does not expect dramatically higher funding costs after Moody’s cut its foreign debt rating to “junk” status, the chief executive of the South African lender said on Friday.

“The overall cost of funding for the bank will not change significantly, just because new funding over the next few months will be slightly more expensive,” Leon Kirkinis said in a statement.

African Bank, known as Abil, said earlier on Friday that the ratings agency had cut its global credit rating to below investment grade, or “junk” status. (Reporting by David Dolan; Editing by Stella Mapenzauswa)

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