Fitch: Steinhoff view stable

Fitch Ratings said it revised Steinhoff International Holdings Ltd.'s outlook to stable from negative.

Its national ratings were affirmed at long-term A-(zaf) and short-term F2(zaf). The agency also affirmed Steinhoff Services' senior unsecured debt rating at A-(zaf).

Fitch said the outlook change reflects its expectation that Steinhoff's financial profile will improve in the short- to medium-term as the group focuses on organic growth following previous large-scale capex and acquisition activity.

In its rating analysis, Fitch deconsolidates JD Group Ltd. from Steinhoff's financial profile in view of weak operational links between JD Group and its controlling shareholder and the fact that all JD Group debt is on a non-recourse basis to Steinhoff.

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