Fitch affirms Pick n Pay

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

The outlook is stable.

The rating reflects the defensive qualities demonstrated by the company amid South Africa's depressed consumer spending environment and challenging trading conditions for the broad retail sector, Fitch said.

The stable outlook reflects a view that Pick n Pay's credit profile will be marginally impacted by tougher trading conditions in the medium-term, the agency said, and will be mainly supported by its food-focused business profile.

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