Fitch: Super Group on watch

Fitch Ratings said it placed Super Group Ltd.'s national long-term rating of A-(zaf) and national short-term rating of F2(zaf) on rating watch negative.

The agency said that this action follows the company's July 23 trading update announcing a material deterioration in expected earnings for the six months to June 30.

Fitch noted that the company also reported that an investigation is underway into possible financial irregularities in a newly-formed business unit, which contributed to the H208 deterioration and may result in a restatement of FY07 earnings.

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