Moody’s gives Investec note program Ba1

Moody's Investors Service said it assigned a provisional Ba1 rating to Investec plc's new £1 billion euro medium-term note program and expects to assign ratings to senior unsecured bonds to be issued under the program in line with the program rating.

The provisional Ba1 program rating has been placed on review for upgrade.

At the same time, Moody's is placing Investec’s long-term and short-term issuer ratings of Ba1/Not Prime on review for upgrade.

Moody’s said the provisional Ba1 rating of the new program is aligned with the Ba1 long-term issuer rating of Investec, reflecting the fact that debt issued under the program will be pari passu with future senior unsecured issuance from the program.

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