Moody's: Investec view to stable

Moody's Investors Service said it changed the outlook on the Baa3 deposit ratings of Investec Bank plc to stable from negative.

The agency also affirmed the standalone bank financial strength rating of D+ with a stable outlook, equivalent to a baa3 baseline credit assessment.

The outlook on Investec Bank plc's parent company, Investec plc (Ba1), was changed to stable.

All ratings were affirmed.

Moody's said the action follows Investec plc's April 11 announcement of the sale of businesses from Investec Bank's business in Australia. Investec Bank will be selling the professional finance, asset finance and leasing businesses, as well as an A$2.7 billion deposit book, from Investec Bank (Australia) Ltd. to Bank of Queensland Ltd. (A3 stable, C- stable/baa1), comprising roughly 75% of the loan book in Australia.

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