Pepkor Holdings Limited: Update to credit analysis

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....

Pepkor Holdings Limited: Update following upgrade to Ba2 with stable outlook - Credit Opinion – 2022/04/20 – US$ 250.00 – ...On 14 April 2022, we upgraded Pepkor Holdings Limited's (Pepkor) corporate family rating (CFR) to Ba2 from Ba3. The probability of default rating (PDR) was upgraded to Ba2-PD from Ba3-PD. We also upgraded the national scale CFR to Aa1.za from A2.za. The outlook was changed to stable from negative. The upgrade reflected Pepkor's strong operating performance since the beginning of the pandemic, which is illustrated by good credit metrics, as well as a positive track record related to governance considerations. 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, 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;...

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...