Reading Time: < 1 minute
Ratings agency Moody’s has cut Steinhoff to junk rating, dropping it by four notches from the previous Baa3 to B1 and placed it on review for further downgrade.
Shares in the South African-based retail giant have plunged again Friday morning.
Its shares have already lost over 80% of their value, since Steinhoff revealed what it calls “accounting irregularities”.
There has been widespread condemnation from various business sectors and unions, and the Public Service Association (PSA) is planning to lay criminal charges against Steinhoff.
