Fitch: Bidvest view negative

Fitch Ratings said it changed Bidvest Group Ltd.'s outlook for its national long-term rating to negative from stable and affirmed the national long-term rating at AA- (zaf) and short-term rating at F1(zaf).

The outlook is in response to deteriorating leverage ratios following aggressive investment spending over the 18 months to December, according to the agency.

The affirmation is based on the group's sustained and solid operating performances during that period, Fitch said. This is further supported by its leading market position in South Africa, its geographical and product diversification and the strong funds from operations from its main entities, the agency added.

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