Fitch lifts Steinhoff

Fitch Ratings said it upgraded Steinhoff International Holdings Ltd.’s long-term national rating to A+(zaf) from A-(zaf) and short-term national rating to F1(zaf) from F2(zaf).

The outlook is stable.

Fitch said it is withdrawing the senior unsecured debt ratings of Steinhoff Services (Pty) Ltd., which are currently rated at A-(zaf) as the company has chosen to stop participating in the rating process.

Therefore, Fitch said it will no longer have sufficient information to maintain the ratings of this entity.

The agency also said it will no longer provide ratings for Steinhoff Services (Pty) Ltd.

The upgrade reflects the successful completion of the Pepkor acquisition, Steinhoff’s strengthened balance sheet resulting from a recent rights issue and solid trading performance for the financial year ending June 30, Fitch said.

The agency said it expects Steinhoff to maintain steady or marginally improving through-the-cycle credit metrics, benefitting from both product and geographic diversification.

© 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.