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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

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Rating Action:

Moody's changes outlook on Investec Bank's Baa3 rating to stable, affirms ratings

24 Apr 2014

Outlook on Investec plc also changed to stable

London, 24 April 2014 -- Moody's Investors Service has today changed the rating outlook on the Baa3 deposit ratings of Investec Bank plc to stable from negative. Moody's has also affirmed the standalone bank financial strength rating of D+ with a stable outlook, equivalent to a baa3 baseline credit assessment (BCA). Concurrently, Moody's has changed the outlook on Investec Bank plc's parent company, Investec plc (Ba1), to stable. All ratings have been affirmed.

The rating action follows Investec plc's announcement on April 11, 2014 of the sale of businesses from Investec Bank plc's (IBP) business in Australia. IBP will be selling the Professional Finance, Asset Finance and Leasing businesses, as well as an AUD 2.7 billion deposit book, from Investec Bank (Australia) Limited (IBAL) to Bank of Queensland Limited (A3 stable, C- stable/baa1), comprising approximately 75% of the loan book in Australia. The unsold Australian Investec businesses (corporate advisory, property funds and aviation, project and resource finance) will shift their focus to operating in a boutique advisory capacity and the remaining loan and asset portfolio (largely corporate assets) will be repatriated to Investec Holdings Australia Limited and transferred to either the South African (Investec Bank Ltd., Baa1 negative, C- stable/baa1) or United Kingdom (IBP) balance sheets as part of this restructuring.

RATINGS RATIONALE

The successful completion of the above transaction would enable Investec Bank plc to repatriate capital back to the UK balance sheet where it is expected to be deployed in its UK businesses. We understand that this capital will be deployed in a manner that strengthens the bank's balance sheet largely in significantly lower risk activities. On a proforma basis, the repatriation of sale proceeds is expected to improve Investec plc's common equity tier 1 (CET1) ratio by 1.5% to 10.6%, and IBP's CET1 by 2.0% to 13.5%.

The sale of these businesses also reduces execution risk in Investec's Australian business, one aspect that drove the negative outlook at the time of our affirmation of the rating in 30 September 2013. The remaining divisions, which have been historically more volatile than the divisions currently being sold, will shift their focus to operating in a boutique advisory capacity with any risk exposures underwritten by the South African or UK balance sheets.

The consideration price is for an AUD 210 million premium to tangible net asset value (NAV) for the shares of IBAL. The transaction is expected to close by the end of August 2014. For further detail on the transaction, please refer to "Moody's reviews Investec Bank (Australia) Limited for possible upgrade", 14 April 2014.

The transaction remains subject to normal regulatory approvals.

LIST OF AFFECTED RATINGS

INVESTEC BANK PLC

- Baseline credit assessment (BCA), maintained at baa3 and the Bank Financial Strength Rating (BFSR) affirmed at D+, with a stable outlook.

- Short-term local-currency and foreign-currency deposit ratings; Commercial Paper foreign-currency rating and Deposit Note foreign-currency program affirmed at Prime-3

- Long-term local-currency and foreign-currency deposit rating affirmed at Baa3. Outlook changed to stable from Negative outlook

- Subordinate Long-term local-currency rating affirmed at Ba1, outlook changed to stable from negative

- Subordinate local-currency MTN program affirmed at (P)Ba1

INVESTEC PLC

- Long-term and short-term foreign-currency issuer rating affirmed at Ba1 and Not Prime respectively

- Outlook on the Long-term foreign-currency issuer rating changed to stable from negative

INVESTEC TIER 1 (UK) LP

- Long-term Pref. Stock Non-cumulative foreign-currency BACKED by Investec plc affirmed at B1 (hyb), with the outlook changed to stable from negative

INVESTEC FINANCE PLC (all ratings BACKED by Investec Bank plc)

- Senior unsecured local-currency MTN program affirmed at (P)Baa3

- Subordinate local-currency MTN program affirmed at (P)Ba1

- Junior subordinate local-currency MTN affirmed at (P)Ba2

- Subordinate local-currency rating affirmed at Ba1, with the outlook change to stable from negative

- Junior subordinate local-currency rating affirmed at Ba2(hyb), with the outlook change to stable from negative

- Short-term local-currency debt rating affirmed at (P)Prime-3

- Commercial Paper foreign-currency rating affirmed at Prime-3

The principal methodology used in these ratings was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Michael Charles Eberhardt
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Johannes Felix Wassenberg
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's changes outlook on Investec Bank's Baa3 rating to stable, affirms ratings
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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