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Moody's affirms POSCO's Baa1 ratings and assigns Baa1 to proposed notes; outlook stable

Steel News - Published on Tue, 14 Jan 2020

Image Source: reutersmedia.net
Moody's Investors Service has affirmed POSCO's Baa1 issuer and senior unsecured ratings. At the same time, Moody's has assigned a Baa1 rating to the proposed senior unsecured USD and EUR notes to be issued by POSCO. The rating outlook remains stable. Proceeds from the notes will be used by POSCO to refinance its existing indebtedness, for capital expenditure and other general corporate purposes.

Moody's Analyst Sean Hwang said "The affirmation of POSCO's ratings reflects our view that POSCO's large, growing cash holdings and healthy cash flow will offset its higher gross leverage over the next 12-18 months, and support the company's credit quality.’

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Posted By : Rabi Wangkhem on Tue, 14 Jan 2020
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