Investec Ltd: Credit Rating Action by Fitch
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Investec Limited Incorporated in the Republic of South Africa Registration number 1925/002833/06 JSE share code: INL NSX share code: IVD BSE share code: INVESTEC JSE interest rate issuer code: INLV ISIN: ZAE000081949 |
Investec plc Incorporated in England and Wales Registration number 3633621 LSE share code: INVP JSE share code: INP ISIN: GB00B17BBQ50 |
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As part of the dual listed company structure, Investec plc and Investec Limited notify both the London Stock Exchange and the JSE Limited of matters which are required to be disclosed under the Disclosure Guidance and Transparency Rules and Listing Rules of the United Kingdom Listing Authority and/or the JSE Listing Requirements.
Accordingly, we advise of the following:
Investec Limited - Fitch Ratings upgrades National Ratings
In line with the Debt Listing Requirements of the JSE Limited requiring issuers of listed debt in South Africa to notify the market in the event of amendments to the credit rating of the issuer, shareholders and noteholders are referred to the Fitch Ratings (Fitch) press release on 22 December 2020 where Fitch announced an upgrade to four South African bank holding companies' National Long-Term Ratings, including Investec Limited, to 'AA+(zaf)' from 'AA(zaf)'. Simultaneously, Fitch has revised the Outlook on the National Long-Term Ratings to Stable (from Negative).
This follows Fitch's downgrade of South Africa's sovereign rating to 'BB-/Negative' from 'BB/Negative' on 20 November 2020 and the recalibration of the agency's South African National Ratings scale.
National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk.
The specific rating change for Investec Limited is as follows:
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National long-term rating |
AA+(zaf) |
AA(zaf) |
Investec Limited is listed on the Johannesburg Stock Exchange and houses the Investec Group's Southern African operations. Investec plc is listed on the London Stock Exchange (with a secondary listing on the Johannesburg Stock Exchange) and houses the Investec Group's non-Southern African operations). From a creditors perspective the entities (and their respective banking subsidiaries) are separately ring-fenced legal entities, which are reviewed and rated separately by Rating Agencies.
The Fitch press release can be accessed on: www.fitchratings.com .
Johannesburg and London
23 December 2020
Sponsor:
Investec Bank Limited
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