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Ratings agency Moody’s on Friday lowered its outlook for the South African banking system to negative from stable, citing deteriorating operating conditions it expected in the next 12-18 months.

“The outlook expresses Moody’s expectation of how bank creditworthiness will evolve in this system over the next 12 to 18 months,” the annual banking system outlook said.

“The challenging economic outlook will strain borrowers’ repayment capacity, fuelling increased asset risks.”

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