Fitch affirms Investec

Fitch Ratings said it affirmed Investec Ltd.'s long-term issuer default ratings at BB+.

At the same time, the agency affirmed the long-term issuer default ratings of main operating subsidiary Investec Bank Ltd. at BB+.

The outlooks are stable.

The agency said the ratings are driven by their standalone creditworthiness, as defined by their viability ratings.

The viability ratings are constrained by the South African sovereign rating of BB+, Fitch said.

The agency said that in its view, Investec cannot be rated above the sovereign, given its concentration of activities within South Africa, including significant exposure to government securities and lending to the public sector.

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