April 27, 2024
Industrials
Moody’s ups POSCO’s rating to positive
[THE INVESTOR] Moody‘s Investors Service has revised up POSCO’s credit rating to positive from stable, while maintaining its Baa2 rating, the company said on Oct. 27.
“The rating actions mainly reflect our expectation that POSCO’s financial profile will continue to improve over the next 1-2 years, underpinned by an increase in earnings and debt reductions,” Gloria Tsuen, Moody’s vice president and senior analyst, said in a statement.
The Korean steelmaker has posted a 91 percent on-year jump in the third-quarter net profit at 907 billion won (US$802.68 million) helped by higher steel demand and cost cutting.
Moody’s hinted at a possible upgrade in POSCO’s rating if the company can further improve its financial status.
By Alex Lee and newswires (alexlee @heraldcorp.com)
