Moody's: Edcon outlook negative

Moody's Investors Service said it affirmed the B2 corporate family rating of Edcon Holdings (Pty) Ltd., the B2 rating on the €1.18 billion senior secured floating-rate notes due 2014 and the Caa1 rating on the €378 million senior notes due 2015.

Moody's changed the outlook to negative from stable, reflecting more challenging trading conditions under a difficult macro-economic environment that is likely to result in less financial de-leveraging than expected.

The B2 corporate family rating reflects Edcon's leading market position, high leverage and growth strategy partially based on growing top-line revenue by providing credit to customers, the agency said.

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