Moody’s reviews Bidvest

Moody's Investors Service said it placed all global scale ratings assigned to Bidvest Group Ltd. under review for downgrade.

The action follows the potential weakening of the South African government's credit profile, in particular in the country's institutional, economic and fiscal strength, as captured by Moody's recent decision to place South Africa's Baa2 government bond ratings on review for downgrade.

Moody’s said the rating under review reflects Bidvest's operational concentration in South Africa, exposing the company to the heightened risks associated with the operational environment in South Africa.

As a result, the agency views Bidvest's ratings as being highly correlated with South Africa's long-term bond rating.

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