Moody’s upgrades Steinhoff

Moody's Investors Service said it upgraded the long-term issuer rating of Steinhoff International Holdings Ltd. to Baa3 from Ba1.

As part of the action, the agency assigned an A3.za national scale issuer rating to the company.

The outlook is stable.

Moody's also withdrew Steinhoff's corporate family rating of Ba1 following the upgrade to Baa3 as per the agency's practice for corporates with investment-grade ratings.

This concludes the review for upgrade that began on April 24.

"We expect Steinhoff's management team to continue maintaining its current credit metrics and liquidity levels more in line with the guidance for the Baa3 long-term issuer rating. Recent acquisitions have also been integrated into Steinhoff's vertically integrated business, resulting in further strengthening in cash flow generation." Douglas Rowlings, Moody's lead analyst for the company, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.