Moody’s lifts Investec Bank BCA

Moody’s Investors Service said it upgraded the baseline credit assessment and adjusted baseline credit assessment of Investec Bank plc to baa1 from baa2.

The agency also upgraded its long-term deposit and counterparty risk ratings to A1 from A2, its senior unsecured medium-term note ratings to provisional A1 from provisional A2, as well as its long-term counterparty risk assessment to A1(cr) from A2(cr).

Furthermore, Moody's affirmed the short-term deposit ratings and short-term counterparty risk rating at Prime-1, as well as its short-term counterparty risk assessment at Prime-1(cr).

The agency also affirmed the ratings on the senior unsecured debt and additional tier 1 capital securities of Investec plc at Baa1 and Ba2(hyb), respectively.

The outlook on Investec Bank’s long-term deposit ratings and on Investec plc's long-term senior unsecured debt ratings was changed to stable from positive.

“The upgrade of IBP's BCA to baa1 from baa2 reflects (i) the bank's successful de-risking of the balance sheet as its legacy assets continue to run-off; (ii) the shift in composition of its revenues towards lower lending risks and more stable revenue streams, primarily in the lower risk wealth management segment; and (iii) IBP's sound capitalization and strong liquidity buffers,” the agency said in a news release.

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