Fitch drops Super Group

Fitch Ratings said it has downgraded Super Group Ltd.'s national long-term rating to BB(zaf) from A-(zaf), and also downgraded its national short-term rating from F2(zaf) to B(zaf).

The ratings remain on rating watch negative .

Fitch said that these rating actions follow the company's amended 2008 financial results, which highlight a deterioration in group EBIT to 532.2 million rand from 848.8 million rand in FY07.

The downgrades reflect both Fitch's concerns about the impact of the economic downturn in the retail and automotive sectors in the regions in which Super Group operates, as well as the fact that the group's business profile is susceptible to reduced consumer spending from worsening macroeconomic conditions, particularly in the automotive and retail sectors.

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