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INVESTEC BANK LIMITED - Investec Bank Limited: Credit Rating action by S&P Global Ratings

Release Date: 27/11/2019 17:42
Code(s): INLP     PDF:  
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Investec Bank Limited: Credit Rating action by S&P Global Ratings

Investec Bank Limited
Incorporated in the Republic of South Africa
Registration number 1969/004763/06
JSE Share Code: IBRP1
ISIN: ZAE000242525

Investec Bank Limited: Credit Rating action by S&P Global Ratings

Shareholders and noteholders are referred to the S&P Global Ratings (S&P) press release
on 26 November 2019 and ratings action on the South African banks, including the ratings of
Investec Bank Limited. S&P has affirmed the BB/B long- and short-term global scale ratings
of Investec Bank Limited and changed its outlook from stable to negative. S&P has lowered
the long-term South African National scale ratings on Investec Bank Limited to zaAA from
zaAA+ and affirmed the short-term national scale ratings at zaA-1+.

This rating action follows S&P’s decision on 22 November 2019 to affirm South Africa's
ratings but revise its outlook from stable to negative. S&P noted that it ‘revised its outlook on
South Africa to negative on weakening fiscal and debt trajectory and sizable contingent
liabilities. S&P's policy is to not rate financial institutions in South Africa above the foreign
currency sovereign ratings, due to the direct and indirect impacts a sovereign distress would
have on banks' operations.’ S&P added that, ‘amid challenging macro and industry changes,
South Africa's banking performance has been fairly resilient. S&P expect sector-wide
pressure on revenues but broadly, stable earnings as banks continue to streamline costs.’

The specific rating changes for Investec Bank Limited are as follows:
- Long- and short-term global scale counterparty credit ratings affirmed at BB and B,
   respectively, and outlook changed from stable to negative;
- Long-term South African national scale rating changed from zaAA+ to zaAA;
- Short-term South African national scale rating affirmed at zaA-1+.

S&P’s press release can be accessed on:

N van Wyk
Company Secretary
Investec Bank Limited

27 November 2019

Investec Bank Limited

Date: 27-11-2019 05:42:00
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