S&P lowers Woolworths

S&P said it lowering its South Africa national scale rating on Woolworths Holdings Ltd. to zaA- from zaA+ and placed it on CreditWatch with negative implications.

The CreditWatch indicates still-significant downside risks, given the uncertainty as to when the Covid-19 pandemic will peak and whether it will persist beyond second-quarter 2020, leading to a prolonged weakening of Woolworth’s trading performance, credit ratios, and liquidity, S&P said.

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