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News Breaks | | | | October 24, 2012 | | 06:16 EDT |  | PKX | Posco downgraded to Baa1 by Moody's; outlook negative
Moody's Investors Service has downgraded POSCO's foreign currency bond rating to Baa1 from A3. The rating outlook is negative. This concludes Moody's review for downgrade initiated on July 25. "The rating action primarily reflects our expectation that POSCO's financial leverage will remain elevated over the next one to two years, given its high debt level, the persistent sluggishness in the regional steel industry, and the company's slow progress in its deleveraging initiatives," says Chris Park, a Moody's Vice President and Senior Credit Officer. | |
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