Fitch affirms Investec Bank

Fitch Ratings said it affirmed Investec Bank Ltd.'s long-term foreign-currency issuer default rating at BBB, short-term foreign-currency issuer default rating at F3, national long-term rating at A+(zaf) and national short-term rating at F1(zaf).

The agency also said it affirmed the ratings of its parent, Investec Ltd., including its long-term foreign-currency issuer default rating at BBB and short-term foreign-currency issuer default rating at F3.

The outlook is stable.

The ratings reflect its well-established specialist banking and asset management franchise and stable liquidity buffers, Fitch said.

The ratings also take into account weakened asset quality and financial performance, concentrated credit exposures, reliance on short-term wholesale funding and low levels of core and free capital, the agency said.

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