Fitch affirms Pick'n Pay

Fitch Ratings said it affirmed Pick'n Pay Stores Ltd.'s national long-term rating at A+(zaf) with stable outlook and national short-term rating at F1(zaf).

The agency said that the rating affirmation reflects Pick'n Pay's continued market dominance in the food retail sector in South Africa, with a market share of around 36%.

The rating also reflects the group's continued solid performance - posting consistent revenue growth and relatively stable operating margins and generating strong operating cash flows, the agency said.

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