Moody's Investors Service has backed the restructure of Investec Bank (Australia), affirming the bank's ratings. Investec's baseline credit assessment is ba2 and its adjusted baseline credit assessment is ba1.In August, Investec announced a back-to-basics restructure that would involve shedding securities, equity capital markets and structured products activities.Last month, Investec PLC issued earnings guidance advising that profits for the six months to September would be "marginally behind" those of the previous corresponding period. One of the reasons for the group's soft performance was the loss arising from the restructuring of its Australian operation.Moody's said: "The rating affirmation reflects Moody's view that the announced strategic review is likely to result over time in a simplification of IBAL's [Investec's] business model and a reduction in its risk appetite.Moody's has a negative outlook for Investec Bank (Australia), reflecting "the significant downside risk arising from the bank's relatively weak profitability and persistently elevated asset impairment metrics."Earlier this week, Investec Bank (Australia) launched a buyback of the outstanding amount of Australian government guaranteed debt. The maturity date on the debt is December 2014 and the outstanding amount is A$116 million.