Moody’s rates Investec Bank program A3

Moody's Investors Service said it assigned a long-term senior unsecured provisional A3 rating and a short-term provisional Prime-2 rating to Investec Bank plc's revised £6 billion euro medium-term note program.

Moody’s said the provisional A3 senior unsecured rating is in line with Investec’s long-term deposit rating and reflects the adjusted baseline credit assessment (BCA) of baa3, as well as the volume and subordination of potential issuance at the senior unsecured level at Investec from this program. The rating is being assigned to the program for issuances at this creditor class.

Likewise, the provisional Prime-2 rating is being assigned to program issuances at this creditor class for maturities of 13 months or less.

The ratings are positioned three notches above the adjusted BCA of baa3, reflecting the amount of subordination available, which will provide protection to senior creditors in the event of the bank's failure, the agency said.

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