Moody’s withdrawal of ratings is ‘good news’, says Edcon CEO Bernie Brookes
15 February 2017 - 18:52
Edcon CEO Bernie Brookes says Moody’s agreement to withdraw its ratings of the retailer is good news. "Edcon’s rating has been withdrawn as the financial obligation has been diminished due to our recent debt restructure and, simply, a rating is no longer required," said Brookes. "Moody’s agreement to withdraw is good news for Edcon as it confirms that we no longer require a rating on our comprehensively restructured debt position," he said. In a statement released on Monday, Moody’s said Edcon’s capital restructuring would short investors on what the company had initially promised them.
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