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Moody’s downgrades Steinhoff by 4 notches

Moody's says the decision was taken due to uncertainties and implications for the company's liquidity.

Former Steinhoff CEO Markus Jooste. Picture: Supplied

JOHANNESBURG - Ratings agency Moody’s has downgraded Steinhoff International by four notches and placed the furniture retailer’s rating on review for another downgrade.

Moody's says the decision was taken due to uncertainties and implications for the company's liquidity.

On Tuesday, CEO Markus Jooste stepped down amid allegations of accounting irregularities at the furniture retailer.

Since then Steinhoff has lost close to 80% of its stock value on the JSE.

Meanwhile, the Public Servants Association says it wants Finance Minister Malusi Gigaba to take action to safeguard pension investments.

The PSA's Tahir Maepa says: “It’s about time that Malusi Gigaba needs to come to the party.

“We have asked him for couple of months to say that we want him to play a role in this whole situation, so that we can make sure that there’s comfort as far as how the money is invested. Now it’s too late, R12 billion is gone.”