Moody’s Downgrades Steinhoff Following ‘Accounting Irregularities’ Announcement
Moody’s Investors Service has announced that it has downgraded the issuer ratings of Steinhoff International Holdings N.V. (Steinhoff) and Steinhoff Investment Holdings Limited, and the senior unsecured notes rating of Steinhoff Europe AG by four notches to B1 from Baa3.
In addition, Steinhoff Investment Holdings Limited's national scale long-term issuer rating was downgraded to Baa3.za from Aa1.za. All ratings were simultaneously put under review for further downgrade, Moody’s said.
The move follows the announcement earlier this week that the Poundland owner was launching an investigation into accounting irregularities within the company.
Try European Supermarket Magazine PREMIUM – 30 Day FREE Trial.
A trial subscription gives unrestricted access to all premium site content, app content, weekly email content and European Supermarket Magazine digital edition for a full 30 days. Try it now!