Fitch affirms Investec

Fitch Ratings said it affirmed Investec Ltd. and Investec Bank Ltd.'s long-term foreign-currency issuer default ratings at BBB+.

The outlook remains negative.

The affirmations reflect a well-established niche private banking franchise, steady progress toward a more balanced portfolio of businesses and acceptable asset quality indicators, according to the agency.

Ratings also consider exposure to financial markets, risk concentrations and reliance on wholesale funding, the agency said.

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