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Rating Action:

Correction to text March 04, 2009 Release: Moody's downgrades Investec Bank plc to Baa3 and Investec plc to Ba1

04 Mar 2009

London, 04 March 2009 -- Correction to the ratings of Investec Finance plc. Revised press release follows.

Moody's Investors Service today announced that it has downgraded the long-term deposit rating of Investec Bank plc (IBUK) to Baa3 from Baa1 and the Bank Financial Strength Rating (BFSR) to D+ (mapping to a Baseline Credit Assessment of Baa3) from C-. The long-term rating are placed on a stable outlook and the BFSR remains on negative outlook. At the same time Moody's downgraded the short-term rating of IBUK to Prime-3 from Prime-2. The debt ratings on Investec Finance Plc, which is guaranteed by Investec Bank plc, were also lowered accordingly (please see below).

At the same time Moody's downgraded the long- and short term issuer ratings of Investec plc to Ba1 with a negative outlook and Non Prime from Baa2 and Prime-2 respectively. Preferred stock issued by Investec Tier 1 (UK) LP was downgraded to B1 from Ba1 with a negative outlook.

The rating action was underpinned by Moody's estimation that the current trends in the operating environment put significant pressure on the financial fundamentals of the group.

The volatility in IBUK's performance was particularly reflected in the increase in non-performing assets in the private banking division and pressure on overall profitability. "We are concerned that compared with the previous years there is a lower capacity for internal capital creation" says Irakli Pipia, lead analyst for the bank. We note, however, that IBUK's existing capital adequacy ratios remain relatively healthy and stability of funding is maintained by their deposit-taking foothold in private banking. We also note that IBUK was included in the list of eligible institutions for the issuance of the UK government guaranteed short to medium-term instruments. This eligibility is likely to reduce to some extent the pressure from refinancing IBUK's maturing wholesale liabilities.

In the case of Investec plc, IBUK's parent company, we note that there is a significant degree of exposure to its specialist lender Kensington in the total amount of GBP 519 million (including warehousing lines and the securitised book) and the potential for asset quality deterioration is higher. Although currently Kensington remains a profit-making subsidiary, in case of dissolution, it will lead to a likely negative impact of goodwill impairment. We also note that there is a medium-term risk of refinancing external warehousing lines extended to Kensington in the amount of approximately GBP1.5 billion.

Moody's assigned a stable outlook to the IBUK's long-term rating of Baa3 which reflects our view that as a UK deposit-taking institution under the current extraordinary market conditions IBUK's creditworthiness will be sustained at the minimum level of the investment rating category by the UK authorities. In other words, in case of further downgrade of the BFSR there can be a notch uplift from the systemic support can be factored in. However, we do not consider IBUK's franchise systemically important in the UK in order to benefit it from an rating uplift that we factor in for the large retail banks in UK.

Moody's assigned a stable outlook to IBUK's long-term rating of Baa3, reflecting our expectation that the degree of support available to eligible institutions in UK should provide some stability to IBUK's long-term ratings at the current level.

Moody's still maintains a negative outlook on the BFSR of IBUK and long-term ratings of Investec plc which reflects our concerns that the group's revenue mix and asset quality are still exposed to the continuing deterioration in the operating environment and falling prices in commercial and high-end residential property markets in the UK and Europe.

Downgrades:

..Issuer: Investec Bank (UK) Ltd

....Bank Financial Strength Rating, Downgraded to D+ from C-

....Deposit Rating, Downgraded to P-3 from P-2

....Senior Unsecured Deposit Rating, Downgraded to Baa3 from Baa1

..Issuer: Investec Finance plc

Backed Long-term Senior Unsecured -- to Baa3 from Baa1

Backed subordinate -- to Ba1 from Baa2

Backed junior subordinate -- to Ba2 from Baa2

as before

....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Ba2 to P-3 from a range of Baa2 to P-2

....Senior Unsecured Commercial Paper, Downgraded to P-3 from P-2

..Issuer: Investec PLC

....Issuer Rating, Downgraded to a range of Ba1 to NP from a range of Baa2 to P-2

..Issuer: Investec Tier 1 (UK) LP

....Preferred Stock Preferred Stock, Downgraded to B1 from Ba1

Outlook Actions:

..Issuer: Investec Bank (UK) Ltd

....Outlook, Changed To Stable(m) From Negative(m)

..Issuer: Investec Finance plc

....Outlook, Changed To Stable(m) From Negative(m)

The last rating action for Investec Plc and its subsidiaries, including IBUK, was on 20 December 2007 when the long-term ratings were downgraded, concluding the review for possible downgrade of the ratings of Investec Plc and Investec Bank (UK) Ltd initiated in May 2007 following Investec Plc's acquisition of the specialist mortgage lender Kensington. The principal methodologies used in rating this issuer were "Bank Financial Strength Ratings: Global Methodology" (February 2007) and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory. Investec Plc, headquartered in London, had total assets of GBP18.5 billion and shareholders' equity of GBP 1.36 billion as at 30 September 2008. Investec Bank (UK) Ltd, headquartered in London, had total assets of GBP12.5 billion and shareholders' equity of GBP 963 million as at 30 September 2008.

London
Johannes Wassenberg
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Irakli Pipia
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Correction to text March 04, 2009 Release: Moody's downgrades Investec Bank plc to Baa3 and Investec plc to Ba1
No Related Data.
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