Fitch ups Investec Bank to BBB+

Fitch Ratings said it upgraded Investec Bank plc's long-term issuer default rating to BBB+ from BBB and viability rating to bbb+ from bbb.

The outlook on the long-term issuer default rating is stable.

The short-term issuer default rating was affirmed at F2.

Fitch said the upgrade reflects the greater stability of Investec Bank’s business model, as illustrated by the progress the bank has made in running down its legacy assets and reducing the concentration of its loan book toward property lending.

“In addition, management's adherence to its restructuring plan executed since 2011 has led to an increase in capital-light business and ultimately more stable earnings, driven by the bank's wealth management business. Simultaneously, the bank has maintained sound capitalization, strong liquidity and an adequate funding structure,” the agency said in a news release.

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