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Moody's cuts Investec preferreds to Ba1
Moody's Investors Service said it downgraded the long-term foreign-currency rating of Investec plc to Baa2 from Baa1 with a negative outlook. Moody's also downgraded the preferred stock issued by Investec Tier 1 (UK) LP to Ba1 from Baa3 with a negative outlook.
The outlook remains negative.
This concludes the review for downgrade that began on May 30 following Investec plc's acquisition of Kensington.
The downgrade reflects the potential negative impact on the group of operating its specialist mortgage lender in current market conditions and the likely negative impact of goodwill impairment in case of dissolution.
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