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(BBB/Negative) will accelerate the former's business transformation into a logistics and technology provider from a retail player, increasing geographical reach and diversification of the company's business.
We view execution as the key driver of Ocado's business risk, as the company delivers its agreed contracts as logistics provider.
Mining companies in the region are likely to face less margin pressure than under our previous price assumptions, which, along with lower capex, could support deleveraging.
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