...Investec Limited (INL) and Investec Bank Limited's (IBL) Long-Term Issuer Default Ratings (IDRs) are driven by their standalone creditworthiness, as expressed by their Viability Ratings (VRs) of `bb-'. The VRs reflect INL and IBL's strong niche franchise and revenue diversification, resilient loan quality, healthy earnings, comfortable capital buffers and high liquidity coverage. The assigned VRs are one notch below the implied VRs of `bb' due to the constraints of the operating environment and sovereign rating. These underline the concentration of activities in South Africa and high sovereign-related exposure relative to capital (215% of IBL's total equity at end-2M25). INL and IBL's National Ratings reflect their creditworthiness in local currency relative to that of other South African issuers. VRs Equalised with Group VR: INL is a non-operating bank holding company (BHC). Its VR is equalised with the group VR, based on the group's consolidated risk assessment, due to the high fungibility...
