Fitch affirms Pick n Pay Stores

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

The outlook is stable.

The ratings reflect the group's competitive business profile, underpinned by the group's strong market position and the quality of its product mix, including both branded and private products, Fitch said.

These positive factors are balanced against the ongoing food retail price competition amid the low food inflation environment and the anemic domestic economic recovery expected in 2010 to 2011, the agency said.

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