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Moody’s Investors Service has upgraded the rating of value retailer Pepkor, which lends money through its Capfin and Fintech division, to Ba2 because of its strong operating performance and SA consumers’ preference for discount retailers.

Credit ratings of banks and lenders cannot be higher than the country’s sovereign debt rating, and the move brings Pepkor’s rating in line with that of SA, which is rated two levels below investment grade...

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