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BVT
BVT
BVT - The Bidvest Group Limited - Fitch upgrades Bidvest
The Bidvest Group Limited
("Bidvest" or "the Group" or "the Company")
Incorporated in the Republic of South Africa
Registration number: 1946/021180/06
ISIN: ZAE000117321??Share code: BVT
Fitch upgrades Bidvest
Bidvest, the international services, trading and distribution group,
today (December 13 2011) welcomed news that the Fitch ratings agency has
upgraded the Group`s national long-term rating to `AA-(zaf)` from
`A+(zaf)` and national short-term rating to `F1+(zaf)` from `F1(zaf)`.
Fitch Ratings simultaneously announced that Bidvest`s senior unsecured
rating has been upgraded to `AA-(zaf)`. The national long-term rating has
a stable outlook.
Fitch said the upgrades reflect the rating agency`s expectation that JSE-
listed Bidvest will maintain a steady through-the-cycle credit profile
despite facing difficult trading conditions from 2009 to 2011.
The agency also drew attention to Bidvest`s "proven and stable financial
profile compared with its national peers".
Bidvest chief executive Brian Joffe said upgraded ratings following
challenging environments in a number of European geographies in which the
Group is active were de facto endorsement of Bidvest`s proven business
model and entrepreneurial culture.
Brian Joffe added: "The successful realignment of our operational
divisions in our South African non-food businesses in a single, highly
focused division - Bidvest South Africa - with our food businesses
operating across a cohesive international platform as Bidvest Foodservice
will add further impetus to Bidvest`s growth into the future. Timely
realignments were necessary to address increasingly challenging trading
conditions and prepare the businesses for the opportunities that tomorrow
will present."
Fitch commented on Bidvest`s "strong diversification in its cash flow
generation" while pointing out that relatively stable cash flows from the
Group`s foodservice interests mitigated more cyclical cash flows from
automotive and freight operations. Bidvest foodservices contributed 33%
of Group trading profit in financial 2011.
ISSUED ON BEHALF OF: THE BIDVEST GROUP LIMITED
BY: CLEAR DISTINCTION COMMUNICATIONS
BIDVEST CONTACTS: Brian Joffe (Group CE)
Tel: 011 772 8704
David Cleasby ( Group FD)
Tel : 011 772 8706
Mobile: 083 228 1810
CONSULTANCY CONTACT: Carol Dundas
Tel: 011 444 0650
Mobile: 083 447 6648
Date: 14/12/2011 09:17:01 Produced by the JSE SENS Department.
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