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Credit Ratings
In general, we have been assigned strong ratings for credit quality, capacity for timely repayment and financial strength. In terms of our Dual Listed Companies structure, Investec plc and Investec Limited are treated separately from a credit point of view.
As a result, the rating agencies have assigned ratings to the significant banking entities within the group, namely Investec Bank plc and Investec Bank Limited.
Certain rating agencies have assigned ratings to the holding companies, namely, Investec plc and Investec Limited.
| Rating agency | Investec Limited | Investec Bank Limited - a subsidiary of Investec Limited | Investec plc | Investec Bank plc - a subsidiary of Investec plc | |
| Fitch | Long term ratings | ||||
| Foreign Currency | BB- | BB- | BBB+ | ||
| National | AA+ (zaf) | AA+ (zaf) | |||
| Short term ratings | |||||
| Foreign Currency | B | B | F2 | ||
| National | F1+ (zaf) | F1+ (zaf) | |||
| Outlook | Stable | Stable | Stable | ||
| Moody's | Long term deposit ratings | ||||
| Foreign Currency | Ba2 | Baa1 | A1 | ||
| National | Aa1.za | ||||
| Short term deposit ratings | |||||
| Foreign Currency | NP | P-2 | P-1 | ||
| National | P-1.za | ||||
| Outlook | Negative^ | Stable | Stable | ||
| S&P | Long term deposit ratings | ||||
| Foreign Currency | BB- | ||||
| National | za.AA | ||||
| Short term deposit ratings | |||||
| Foreign Currency | B | ||||
| National | za.A-1+ | ||||
| Outlook | Stable^ | ||||
| Global Credit Ratings | Long term ratings | ||||
| International scale, local currency | BB | BBB+ | |||
| National scale | AA(za) | ||||
| Outlook | Negative^ | ||||
| Short term ratings | |||||
| International scale, local currency | B | A2 | |||
| National scale | A1+(ZA) | ||||
^Revision of the Outlook of the South African banks to Negative (from Stable) followed the Sovereign Outlook revisions on 2 August 2019 and 5 November 2019 by Fitch and Moody’s, respectively. Revision of the Outlook of the South African banks to Stable (from Negative) followed the Sovereign Outlook downgrade on 7 May 2020 by S&P. Revision of the Outlook for the GCR issuer ratings announced on 10 July 2020 follows a reduction in the South African country risk score on 27 May 2020 and the financial institutions sector risk score on 24 June 2020.