Fitch affirms Pick 'n Pay

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

The outlook remains stable.

The ratings reflect Pick 'n Pay's leading position in the South African food and general merchandise retail market, where it commands a market share, in terms of annual sales, of about 37%, Fitch said.

The ratings also factor in the group's strong cash-generating abilities, solid management track record and its conservative financial profile. These positive factors, however, are balanced by the competitive nature of the domestic retail environment, the agency said.

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