While various threaders insisted to me both here and on Twitter a few weeks back that the Tesco profit statement was “a genuine error” there are some big cheeses out there who agree with my marginally more cynical view.

Today at first light, Both Fitch & Moody’s credit agencies downgraded Tesco again, in the light of the ongoing investigation into its accounting practices. The latter opined that the retail giant could easily wind up with junk status, their vice president and senior analyst Sven Reinke commenting, “Even if the FCA concludes its investigation without material negative financial implications, Tesco faces huge operational challenges which continue to put its investment-grade rating at risk.”

All eyes remain on departed CFO Laurie McKilwee, with the exception thus far of Plod’s.

Previously at The Slog: A quarter billion black hole was just ‘human error’?