Lewis Group upgraded to AA-(ZA) rating on sustained earnings growth
South African retail group Lewis Group has received a credit rating upgrade from Global Credit Ratings (GCR), with its long-term national scale issuer rating raised to AA-(ZA) from A+(ZA), reflecting sustained earnings growth, strong liquidity and a resilient business model.
Staff Writer
South African retail group Lewis Group has received a credit rating upgrade from Global Credit Ratings (GCR), with its long-term national scale issuer rating raised to AA-(ZA) from A+(ZA), reflecting sustained earnings growth, strong liquidity and a resilient business model.
The Lewis Group operates 27 stores in Namibia across both urban and rural areas.
The upgrade, announced on 13 July, also saw Lewis’ short-term national scale issuer rating upgraded to A1+(ZA) from the previous rating, while the outlook was revised to Stable from Positive.
