Pepkor Holdings Limited: Update following upgrade to Ba2 with stable outlook

Pepkor Holdings Limited: Update to credit analysis - Credit Opinion – 2024/03/28 – US$ 250.00 – ...Pepkor Holdings Limited's (Pepkor) ratings reflect the South Africa-based retailer's (1) strong position in the South African retail market through its Pep and Ackermans clothing and general merchandise stores, which make up majority of the group's operating profit; (2) strong recognition of PEP as a brand amongst budget-conscious consumers; (3) degree of protection from online clothing retailers with natural barriers given PEP and Ackermans low prices, supported by an extensive logistics supply chain; and (4) good liquidity profile and conservative financial policies. The ratings also factor in (1) the difficult operating environment in South Africa (Ba2 stable) with continued power outages and more recent disruption in port operations; (2) limited geographical diversification outside of South Africa; (3) the risks related to the performance of the company's credit books, despite the low credit contribution to total group sales....

Pepkor Holdings Limited: Update to credit analysis - Credit Opinion – 2023/03/22 – US$ 250.00 – ...Pepkor Holdings Limited's (Pepkor) ratings reflect the South Africa-based retailer's (1) strong position in the South African retail market through its Pep and Ackermans clothing and general merchandise stores, which make up majority of the group's operating profit; (2) strong recognition of PEP as a brand amongst budget-conscious consumers; (3) degree of protection from online clothing retailers with natural barriers given PEP and Ackermans low prices, supported by an extensive logistics supply chain; and (4) good liquidity profile and conservative financial policies. The ratings also factor in (1) the difficult operating environment in South Africa (Ba2 stable) which has been exacerbated by the recent prolonged power outages; (2) limited geographical diversification outside of South Africa; (3) the risks related to the performance of the company's credit books, despite the low credit contribution to total group sales....

Moody's upgrades Pepkor Holdings Limited's CFR to Ba2; stable outlook - Rating Action – 2022/04/14 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Pepkor Holdings Limited: Update to credit analysis - Credit Opinion – 2021/11/30 – US$ 250.00 – ...All figures and ratios are calculated using Moody's estimates and standard adjustments. Moody's Forecasts (f) are Moody's opinion and do not represent the views of the issuer. Source: Moody's Investors Service...

Pepkor Holdings Limited: Update following the sovereign rating action on South Africa - Credit Opinion – 2020/11/30 – US$ 250.00 – ...On 26 November 2020, we affirmed Pepkor Holdings' (Pepkor) Ba3 corporate family rating (CFR) and we repositioned the corporate family rating National Scale Rating (NSR) to A2.za from A3.za, following the downgrade of South Africa's rating to Ba2. The affirmation reflects our view that Pepkor's credit metrics will remain within the guidance for a Ba3 rating. It also reflects the strong liquidity position with no debt maturities in the next 18 months. Pepkor's ratings reflect the South Africa-based retailer's (1) very strong position in the South African retail market through its Pep and Ackermans clothing and general merchandise stores included in Pepkor's Clothing and General Merchandise segment, which makes up around 97% of the group's operating profits; (2) the strong recognition of PEP as a brand amongst budget-conscious consumers with some upside to sales from down trading in periods of pressure on disposable income with growth largely maintained even in up economic cycles where its...

Pepkor Holdings Limited: Update following change of rating outlook to negative - Credit Opinion – 2020/04/08 – US$ 250.00 – ...On 6 April 2020, we have changed the rating outlook to negative from stable to reflect the downside risk to cash flows stemming from the lock-down measures in South Africa aimed at containing the spread of coronavirus. This has resulted in closure of Pepkor's stores. Pepkor's Ba3 CFR and A3.za NSR reflect the South Africa-based retailer's (1) very strong position in the South African retail market through its Pep and Ackermans clothing and general merchandise stores included in Pepkor's Clothing and General Merchandise segment, which makes up 88% of the group's operating profits; (2) the strong recognition of PEP as a brand amongst budget-conscious consumers with some upside to sales from down trading in periods of pressure on disposable income with growth largely maintained even in up economic cycles where its regular customer base spends more; (3) stable credit metrics over the past three years, including moderate leverage with Moody's adjusted debt/EBITDA of 3.1x and EBIT/Interest Expense...

Moody's affirms Pepkor Holdings' ratings: outlook negative - Rating Action – 2020/04/06 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...