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Forumer storico
Ciao,
di Investec non conoscevo nemmeno l'esistenza ma ho trovato questo downgrade di Moody's che non e' proprio il massimo.
http://uk.reuters.com/article/idUKN0454561920090304
(Updates with additional rating downgrades for Investec Finance plc)
(The following statement was released by the rating agency) March 4 - Moody's Investors Service today announced that it has downgraded
the long-term deposit rating of Investec Bank plc (IBUK) to Baa3 from Baa1 and
the Bank Financial Strength Rating (BFSR) to D+ (mapping to a Baseline Credit
Assessment of Baa3) from C-. The long-term rating are placed on a stable
outlook and the BFSR remains on negative outlook. At the same time Moody's
downgraded the short-term rating of IBUK to Prime-3 from Prime-2. The debt ratings on Investec Finance Plc, which is guaranteed by Investec
Bank plc, were also lowered accordingly (please see below). At the same time Moody's downgraded the long- and short term issuer ratings
of Investec plc to Ba1 with a negative outlook and Non Prime from Baa2 and
Prime-2 respectively. Preferred stock issued by Investec Tier 1 (UK) LP was
downgraded to B1 from Ba1 with a negative outlook. The rating action was underpinned by Moody's estimation that the current
trends in the operating environment put significant pressure on the financial
fundamentals of the group. The volatility in IBUK's performance was particularly reflected in the
increase in non-performing assets in the private banking division and pressure
on overall profitability. "We are concerned that compared with the previous
years there is a lower capacity for internal capital creation" says Irakli
Pipia, lead analyst for the bank. We note, however, that IBUK's existing
capital adequacy ratios remain relatively healthy and stability of funding is
maintained by their deposit-taking foothold in private banking. We also note that IBUK was included in the list of eligible institutions
for the issuance of the UK government guaranteed short to medium-term
instruments. This eligibility is likely to reduce to some extent the pressure
from refinancing IBUK's maturing wholesale liabilities. In the case of Investec plc, IBUK's parent company, we note that there is a
significant degree of exposure to its specialist lender Kensington in the total
amount of GBP 519 million (including warehousing lines and the securitised
book) and the potential for asset quality deterioration is higher. Although currently Kensington remains a profit-making subsidiary, in case
of dissolution, it will lead to a likely negative impact of goodwill
impairment. We also note that there is a medium-term risk of refinancing external
warehousing lines extended to Kensington in the amount of approximately GBP1.5
billion. Moody's assigned a stable outlook to the IBUK's long-term rating of Baa3
which reflects our view that as a UK deposit-taking institution under the
current extraordinary market conditions IBUK's creditworthiness will be
sustained at the minimum level of the investment rating category by the UK
authorities. In other words, in case of further downgrade of the BFSR there can be a
notch uplift from the systemic support can be factored in. However, we do not
consider IBUK's franchise systemically important in the UK in order to benefit
it from an rating uplift that we factor in for the large retail banks in UK. Moody's assigned a stable outlook to IBUK's long-term rating of Baa3,
reflecting our expectation that the degree of support available to eligible
institutions in UK should provide some stability to IBUK's long-term ratings at
the current level. Moody's still maintains a negative outlook on the BFSR of IBUK and
long-term ratings of Investec plc which reflects our concerns that the group's
revenue mix and asset quality are still exposed to the continuing deterioration
in the operating environment and falling prices in commercial and high-end
residential property markets in the UK and Europe.
Downgrades:
Issuer: Investec Bank (UK) Ltd
....Bank Financial Strength Rating, Downgraded to D+ from C-
....Deposit Rating, Downgraded to P-3 from P-2
....Senior Unsecured Deposit Rating, Downgraded to Baa3 from Baa1
Issuer: Investec Finance plc Backed Long-term Senior Unsecured -- to Baa3 from Baa1 Backed subordinate -- to Ba1 from Baa2 Backed junior subordinate -- to Ba2 from Baa2
....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Ba1
to P-3 from a range of Baa2 to P-2
....Senior Unsecured Commercial Paper, Downgraded to P-3 from P-2
Issuer: Investec PLC
....Issuer Rating, Downgraded to a range of Ba1 to NP from a range of Baa2 to
P-2
..Issuer: Investec Tier 1 (UK) LP
....Preferred Stock Preferred Stock, Downgraded to B1 from Ba1
Outlook Actions:
Issuer: Investec Bank (UK) Ltd
....Outlook, Changed To Stable(m) From Negative(m)
..Issuer: Investec Finance plc
....Outlook, Changed To Stable(m) From Negative(m) The last rating action for Investec Plc and its subsidiaries, including
IBUK, was on 20 December 2007 when the long-term ratings were downgraded,
concluding the review for possible downgrade of the ratings of Investec Plc and
Investec Bank (UK) Ltd initiated in May 2007 following Investec Plc's
acquisition of the specialist mortgage lender Kensington. The principal methodologies used in rating this issuer were "Bank Financial
Strength Ratings: Global Methodology" (February 2007) and "Incorporation of
Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March
2007), which can be found at www.moodys.com in the Credit Policy &
Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the
process of rating this issuer can also be found in the Credit Policy &
Methodologies directory. Investec Plc, headquartered in London, had total
assets of GBP18.5 billion and shareholders' equity of GBP 1.36 billion as at 30
September 2008. Investec Bank (UK) Ltd, headquartered in London, had total assets of
GBP12.5 billion and shareholders' equity of GBP 963 million as at 30 September
2008.
di Investec non conoscevo nemmeno l'esistenza ma ho trovato questo downgrade di Moody's che non e' proprio il massimo.
http://uk.reuters.com/article/idUKN0454561920090304
(Updates with additional rating downgrades for Investec Finance plc)
(The following statement was released by the rating agency) March 4 - Moody's Investors Service today announced that it has downgraded
the long-term deposit rating of Investec Bank plc (IBUK) to Baa3 from Baa1 and
the Bank Financial Strength Rating (BFSR) to D+ (mapping to a Baseline Credit
Assessment of Baa3) from C-. The long-term rating are placed on a stable
outlook and the BFSR remains on negative outlook. At the same time Moody's
downgraded the short-term rating of IBUK to Prime-3 from Prime-2. The debt ratings on Investec Finance Plc, which is guaranteed by Investec
Bank plc, were also lowered accordingly (please see below). At the same time Moody's downgraded the long- and short term issuer ratings
of Investec plc to Ba1 with a negative outlook and Non Prime from Baa2 and
Prime-2 respectively. Preferred stock issued by Investec Tier 1 (UK) LP was
downgraded to B1 from Ba1 with a negative outlook. The rating action was underpinned by Moody's estimation that the current
trends in the operating environment put significant pressure on the financial
fundamentals of the group. The volatility in IBUK's performance was particularly reflected in the
increase in non-performing assets in the private banking division and pressure
on overall profitability. "We are concerned that compared with the previous
years there is a lower capacity for internal capital creation" says Irakli
Pipia, lead analyst for the bank. We note, however, that IBUK's existing
capital adequacy ratios remain relatively healthy and stability of funding is
maintained by their deposit-taking foothold in private banking. We also note that IBUK was included in the list of eligible institutions
for the issuance of the UK government guaranteed short to medium-term
instruments. This eligibility is likely to reduce to some extent the pressure
from refinancing IBUK's maturing wholesale liabilities. In the case of Investec plc, IBUK's parent company, we note that there is a
significant degree of exposure to its specialist lender Kensington in the total
amount of GBP 519 million (including warehousing lines and the securitised
book) and the potential for asset quality deterioration is higher. Although currently Kensington remains a profit-making subsidiary, in case
of dissolution, it will lead to a likely negative impact of goodwill
impairment. We also note that there is a medium-term risk of refinancing external
warehousing lines extended to Kensington in the amount of approximately GBP1.5
billion. Moody's assigned a stable outlook to the IBUK's long-term rating of Baa3
which reflects our view that as a UK deposit-taking institution under the
current extraordinary market conditions IBUK's creditworthiness will be
sustained at the minimum level of the investment rating category by the UK
authorities. In other words, in case of further downgrade of the BFSR there can be a
notch uplift from the systemic support can be factored in. However, we do not
consider IBUK's franchise systemically important in the UK in order to benefit
it from an rating uplift that we factor in for the large retail banks in UK. Moody's assigned a stable outlook to IBUK's long-term rating of Baa3,
reflecting our expectation that the degree of support available to eligible
institutions in UK should provide some stability to IBUK's long-term ratings at
the current level. Moody's still maintains a negative outlook on the BFSR of IBUK and
long-term ratings of Investec plc which reflects our concerns that the group's
revenue mix and asset quality are still exposed to the continuing deterioration
in the operating environment and falling prices in commercial and high-end
residential property markets in the UK and Europe.
Downgrades:
Issuer: Investec Bank (UK) Ltd
....Bank Financial Strength Rating, Downgraded to D+ from C-
....Deposit Rating, Downgraded to P-3 from P-2
....Senior Unsecured Deposit Rating, Downgraded to Baa3 from Baa1
Issuer: Investec Finance plc Backed Long-term Senior Unsecured -- to Baa3 from Baa1 Backed subordinate -- to Ba1 from Baa2 Backed junior subordinate -- to Ba2 from Baa2
....Multiple Seniority Medium-Term Note Program, Downgraded to a range of Ba1
to P-3 from a range of Baa2 to P-2
....Senior Unsecured Commercial Paper, Downgraded to P-3 from P-2
Issuer: Investec PLC
....Issuer Rating, Downgraded to a range of Ba1 to NP from a range of Baa2 to
P-2
..Issuer: Investec Tier 1 (UK) LP
....Preferred Stock Preferred Stock, Downgraded to B1 from Ba1
Outlook Actions:
Issuer: Investec Bank (UK) Ltd
....Outlook, Changed To Stable(m) From Negative(m)
..Issuer: Investec Finance plc
....Outlook, Changed To Stable(m) From Negative(m) The last rating action for Investec Plc and its subsidiaries, including
IBUK, was on 20 December 2007 when the long-term ratings were downgraded,
concluding the review for possible downgrade of the ratings of Investec Plc and
Investec Bank (UK) Ltd initiated in May 2007 following Investec Plc's
acquisition of the specialist mortgage lender Kensington. The principal methodologies used in rating this issuer were "Bank Financial
Strength Ratings: Global Methodology" (February 2007) and "Incorporation of
Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March
2007), which can be found at www.moodys.com in the Credit Policy &
Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the
process of rating this issuer can also be found in the Credit Policy &
Methodologies directory. Investec Plc, headquartered in London, had total
assets of GBP18.5 billion and shareholders' equity of GBP 1.36 billion as at 30
September 2008. Investec Bank (UK) Ltd, headquartered in London, had total assets of
GBP12.5 billion and shareholders' equity of GBP 963 million as at 30 September
2008.
, anche considerato le quotazioni di perpetue di emittenti simili o addirittura in condizioni peggiori. Vediamo domani cosa succede con la semestrale
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