Fitch ups Investec

Fitch Ratings said it upgraded Investec Ltd.'s and Investec Bank Ltd.'s long-term foreign currency issuer default ratings to BBB+ from BBB and short-term foreign currency issuer default ratings to F2 from F3.

The outlooks for both companies' long-term foreign currency issuer default ratings are stable, the agency said.

At the same time, the agency noted that it has upgraded Investec's national long- and short-term ratings to AA- (zaf) from A+(zaf)and to F1+(zaf) from F1, respectively. The outlook for the national long-term rating is stable.

Fitch said that the upgrade reflects continued improvement in earnings diversification and business-scale, reduced levels of loan concentrations and low levels of non-performing loans.

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