Fitch rates Phaello note program A(zaf)

Fitch Ratings said it assigned an expected A(zaf) national long-term rating to Phaello Finance Co. (Pty.) Ltd.'s ZAR 5 billion domestic medium-term note program and affirmed the expected F1(zaf) short-term rating.

The agency said Phaello is rated on the strength and the support expected from its guarantor and parent, Steinhoff International Holdings Ltd. (A(zaf)/negative/F1(zaf)), as well as the additional security in the vehicles it owns and leases and the liquidity facility available to Phaello.

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