Fitch: Pick n Pay to negative

Fitch Ratings said it revised Pick n Pay Stores Ltd.'s outlook to negative from stable.

The agency also said it affirmed the company's national long-term rating at A+(zaf) and short-term rating at F1(zaf).

The negative outlook primarily reflects the group's weaker-than-expected financial performance following its recently released 2011 results, Fitch said.

The agency also said it expects ongoing competition and difficult demand conditions to challenge the group's operating performance over the medium term.

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