Moody's on May 15 upgraded Isle of Man-based Nedbank Private Wealth Ltd.'s long- and short-term deposit ratings to Baa2/Prime-2 from Baa3/Prime-3, with the outlook on the long-term ratings remaining stable.
The rating agency also upgraded the Nedbank Group Ltd. unit's baseline and adjusted baseline credit assessments to "baa2" from "baa3" and long-term counterparty risk assessment to Baa1(cr) from Baa2(cr). Its short-term counterparty risk assessment was affirmed at Prime-2(cr).
The upgrade of the baseline credit assessment reflects the agency's view of an improvement in the strength of Nedbank Private Wealth's franchise over the past few years, as well as the company's good capitalization, strong liquidity and low problem loan ratio.
The upgrade of the deposit ratings reflects Nedbank Private Wealth's adjusted baseline credit assessment and a low probability of government support for the deposits of the company.
Old Mutual PLC is the ultimate parent of Nedbank Private Wealth.
