Ratings agency Moody’s downgrades Steinhoff
International retailer Steinhoff has been downgraded by rating agency Moody’s. The rating agency downgraded Steinhoff to Caa1 corporate family rating which indicates high credit risk. The furniture retailer has 40 different brands in 40 countries. Steinhoff’s share price dropped more than 90% after its CEO reigned in December. It announced that PWC was investigating it for accounting irregularities and its audit results were placed on hold. Its woes seem far […]
