INVESTEC BANK LIMITED - Investec Bank Limited Credit rating action by Moody's Investors Service

Investec Bank Limited Credit rating action by Moody's Investors Service

Investec Bank Limited
Incorporated in the Republic of South Africa
Registration number 1969/004763/06
Codes: INVS, BIINLP, INVD, INVP, INVSN, INLPH


Investec Bank Limited

Investec Bank Limited: Credit rating action by Moody's Investors Service

Shareholders and noteholders are referred to the Moody´s Investors Service (Moody´s) press
release on 24 November 2020 and rating actions on South African banks, including the
ratings of Investec Bank Limited.

Moody´s has downgraded Investec Bank Limited’s long-term local and foreign currency
deposit ratings to Ba2 from Ba1. The outlook on the South African banks' long-term deposit
ratings remains negative.

This rating action follows the downgrade of the South African government's long-term issuer
ratings to Ba2 from Ba1 (negative outlook) on 20 November 2020. The South African
sovereign ratings act as a ceiling such that the ratings of South African banks cannot be
higher than that of the sovereign.

The specific rating changes for Investec Bank Limited by Moody’s are as follows:

                                                               To                  From
 Long-term deposits (foreign and domestic)                    Ba2                  Ba1
 Long-term counterparty risk (foreign and domestic)           Ba1                  Baa3
 Short-term counterparty risk (foreign and domestic)          NP                   P-3
 Senior unsecured (domestic)                                  Ba2                  Ba1
 Baseline credit assessment                                   ba2                  ba1

The downgrades, taken in isolation of any other matters, are expected to have an immaterial
impact on Investec’s risk weighted assets and therefore the impact on regulatory capital is
also expected to be immaterial. In addition, the downgrades are expected to have a small
impact on Investec Bank Limited’s cost of funds over time, as a result of Investec Bank
Limited being predominantly domiciled in South Africa and raising most of its deposits and
funding in the closed rand system, with very little mismatch between foreign denominated
funding and foreign denominated assets.

Moody’s press release can be accessed on: www.moodys.com.

26 November 2020

N van Wyk
Company Secretary
Investec Bank Limited


Sponsor: Investec Bank Limited

Date: 26-11-2020 03:30:00
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