Moody’s downgrades POSCO’s credit rating to ‘Baa2’

Moody's Investors Service, an international credit rating agency, said Monday that it has downgraded South Korean steelmaker POSCO’s foreign currency bond rating to “Baa2” from “Baa1.”

“The rating outlook is stable,” Moody’s said.

Key factors behind the rating downgrade are "POSCO's high level of debt, the challenging fundamentals it faces in the steel industry and the significant uncertainties about its ability to implement significant deleveraging measures," Chris Park, a Moody's vice president and senior credit officer, said.

Park Sae-jin swatchsjp@ajunews.com