Johannesburg, 27 June 2017 — Global Credit Ratings (“GCR”) has today withdrawn the national scale ratings assigned to Nakumatt Holdings Limited (“Nakumatt”) without affirmation. At the last rating review in December 2016, GCR highlighted the severe deterioration in Nakumatt’s credit risk profile, whereby the ratings were downgraded and placed on Rating Watch. The latter was premised on management’s expectation of a substantial capital injection by early 2017, although no funds have been received to date. Nakumatt has not provided GCR with comprehensive and sufficient information to enable it to determine the appropriate ratings, and accordingly, GCR has terminated rating coverage on Nakumatt Holdings Limited.
NATIONAL SCALE RATINGS HISTORY
Initial rating (November 2007)
Long term: BBB-(KE)
Short term: A3(KE)
Commercial paper: n.a.
Last rating (December 2016)
Long term: BB-(KE)
Short term: B(KE)
Commercial paper: B(KE)
Outlook: Rating Watch
Senior Credit Analyst
APPLICABLE METHODOLOGIES AND RELATED RESEARCH
Criteria for Rating Corporate Entities, updated February 2017
Nakumatt rating reports, 2007-2016
Nakumatt rating announcement (December 2016)
RATING LIMITATIONS AND DISCLAIMERS
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