S&P lowers Super Group

S&P said it lowered its South Africa national scale long-term issuer rating on Super Group Ltd. to zaAA from zaAAA, citing restrictions intended to curtail the spread of the coronavirus.

“The Covid-19 pandemic will worsen an already difficult economic and business environment for the automotive sector. The impact of the Covid-19 pandemic and expected contraction of the global economy during 2020 will exacerbate the economic headwinds Super Group has faced over the past 18 months,” S&P said in a press release.

The agency said it forecasts the pandemic will result in global auto sales declining by 15%-20% in 2020 before recovering by 5%-10% in 2021.

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