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Moody’s raises Investec to Baa1
Moody's Investors Service said it upgraded the senior unsecured and issuer ratings of Investec plc (holding company of Investec Bank plc (IBP)) to Baa1 from Baa2, with a stable outlook.
The short-term issuer rating of Prime-2 was affirmed.
Moody’s said the upgrade reflects the benefit to senior holding company creditors of Investec plc's ownership of Investec Asset Management Ltd. (IAM), in the event of the resolution of the bank. The agency's estimate of the potential value of the business, even during a period of distress at IBP, is sufficient to materially reduce the expected loss for holding company creditors and thus supports the one-notch upgrade.
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