Moody’s downgrades Steinhoff deeper into junk on default fears

Ratings agency Moody’s on Thursday downgraded Steinhoff’s debt deeper into ‘junk’ territory and warned further downgrades could follow due to mounting cash flow problems at the South African retail group. The company, majority owned by tycoon Christo Wiese, is fighting for survival following its disclosure of accounting irregularities that has wiped more than $12-billion off its market value.