Fitch affirms Steinhoff

Fitch Ratings said it affirmed Steinhoff International Holdings Ltd.'s national long-term rating at A-(zaf) and short-term rating at F2(zaf).

The outlook on the national long-term rating is stable.

In addition the domestic medium-term note issue rating of Steinhoff's subsidiary - Steinhoff Services (Pty) Ltd. (previously Unitrans Services (Pty) Ltd.) was affirmed at A-(zaf).

The affirmation of Steinhoff's ratings reflects Fitch's expectation that net leverage metrics should improve over the medium term with net adjusted lease leverage forecasted below the agency's maximum threshold of 3.5x for the current ratings. Fitch believes that Steinhoff is to benefit from full EBITDA contribution from the recently acquired Conforama business in fiscal year 2012, compared with the four-months results consolidated in fiscal year-end 2011.

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