S&P rates DAWN zaA-

Standard & Poor's said it assigned a zaA- long-term and zaA-2 short-term South Africa national scale credit ratings to Distribution and Warehousing Network Ltd. (DAWN).

The ratings reflect the group's weak business risk profile and intermediate financial risk profile, S&P said.

DAWN's weak business risk profile is due to the group's exposure to highly cyclical construction end markets, concentration in the South African market and the group's volatile and weak overall profitability, the agency said.

These risks are mitigated by DAWN's highly diversified product offering, comprehensive distribution network and brand portfolio, S&P said.

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