S&P rates Investec Bank BBB

Standard & Poor's said it assigned BBB/A-2 long- and short-term counterparty credit ratings to Investec Bank Ltd.

The outlook is negative.

The agency also said it assigned zaAA/zaA-1 South African national scale ratings to the bank.

The ratings reflect the overall creditworthiness of the South African operations of the Investec group, S&P said.

The bank is the core component of the group, contributing 73% of total assets and 66% of profit before tax as of March 31, 2013, the agency said.

The ratings also balance its modest domestic market share with a niche private client and corporate franchise, operating almost exclusively in the highly concentrated and competitive South African banking sector, S&P said.

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