Ratings agency downgrades credit rating to junk
(WorldNews Business)

JOHANNESBURG - Embattled Steinhoff´s woes deepened on Friday when Moody´s Investor Service hit out at its board and slashed the group´s credit rating by four notches to junk. The group´s ratings were also put under review for further downgrade. Moody´s said its decision reflects the uncertainties and implications for the company´s liquidity and debt capital structure arising from fraud allegations against the group. `Given that allegation of accounting irregularities were raised and rebutted in August and again in November calls into question the quality of oversight and governance at Steinhoff. `Should further details of the accounting irregularities put additional pressure on Steinhoff´s...