SPG - Super Group Limited - Fitch takes cautious approach and places Super
SPG
SPG
SPG - Super Group Limited - Fitch takes cautious approach and places Super
Group`s ratings on rating watch negative
Super Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1943/016107/06)
ISIN number: ZAE000011334
Share code: SPG
("Super Group" or "The Company")
Fitch takes cautious approach and places Super Group`s ratings on Rating Watch
Negative
Shareholders are advised that Fitch Ratings ("Fitch") has placed Super Group
National Long-term `A-(zaf)` and Short-term `F2(zaf)` ratings on Rating Watch
Negative ("RWN").
On 3 December 2007, Fitch had affirmed Super Group`s credit rating at A- and
revised its outlook from negative to stable. At the time Fitch noted that it was
satisfied with "evidence of adequate measures being put in place by Super Group
regarding the refinancing of its R900 million bond, payable in June 2008." Fitch
was comfortable that the Company was in a position to meet its financial
commitments on a timely basis, should adverse market conditions prevail.
Subsequently, without a change in circumstances, Fitch has unexpectedly
requested documentary evidence that Super Group has in place and available to it
committed facilities of not less than R900 million to cover full repayment of
its maturing bond. Super Group has provided Fitch with evidence that various
facilities exceeding R900 million have, to date, already been approved. However,
certain of the formal approval documentation from certain banks has not been
finalised mainly due to the holiday season.
Super Group is surprised by Fitch`s unexpected reassessment within such a short
period of time given no change in circumstances since the previous rating
revision on 3 December 2007. The board of directors is of the opinion that the
process had been satisfactorily concluded and has not received adequate reason
or cause for the new reassessment.
The board of directors is confident that adequate measures are in place to
facilitate the refinancing of the corporate bond during the first quarter of
2008 and does not expect to utilise the committed facility lines to refinance
the bond.
31 December 2007
Sandton, South Africa.
Sponsor: Deutsche Securities (SA) (Pty) Limited
Date: 31/12/2007 08:38:01 Produced by the JSE SENS Department.
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