Investec Bank Limited has had its long-term foreign currency issuer default rating lowered to ‘BBB’ from ‘BBB+’ by Fitch. The rating outlook is stable. The downgrade reflects the difficult operating environment and worsening credit conditions in South Africa, which have impacted the financial performance and asset quality indicators of the bank.
Investec (Australia) has A$1.3 billion of bonds on issue in the domestic market with all but A$250 million guaranteed by the Commonwealth government.
- Ratings bump for Investec
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14 December 2009 6:40am
