국제신용평가업체 무디스(Moody's Investors Service)사는 30일 포스코의 장기 신용등급을 기존 'A2'에서 'A1'으로 상향조정한다고 밝혔다.
등급 전망은 'Stable(당분간 변화없음)'이라고 이들은 덧붙였다.
다음은 무디스가 이날 제출한 보도자료 전문.
Moody's upgrades POSCO's rating to A1 from A2
Sydney, October 30, 2007 -- Moody's Investors Service has upgraded the long-term rating of POSCO to A1 from A2, concluding the review for upgrade commenced on 2 August, 2007. The outlook on the rating is stable.
"The rating upgrade recognizes POSCO's continued progress in strengthening its product mix, while maintaining a strong financial profile", says Terry Fanous, a Moody's Senior Vice President and lead analyst for the Korean steelmaker.
"The progress in product mix is evidenced by the continued growth in the proportion of POSCO's high grade strategic products, which enjoy higher and more stable margins, coupled with its ongoing focus on cost improvements" Fanous adds. The ratio of strategic products currently exceeds 65% compared to 48% at 2005 year-end. Moody's expects POSCO will continue to focus on strengthening its product mix consistent with its track record.
The rating upgrade also reflects POSCO's record of maintaining a very strong financial profile. POSCO has heavy capital investment program to upgrade and grow its production capacity in Korea and abroad, and which would likely lead to higher financial leverage over the next 2-4 years.
"That said, Moody's expects the ratio of Adjusted Debt/EBITDA to remain below 1.5x over the next 2-4 years". Although the ratio is higher than the 0.8x in 2006, it remains at a level that is consistent with strong "A" rating. Moody's expects POSCO to remain committed to maintaining a conservative financial profile as has been demonstrated over many years.
POSCO is appropriately positioned in the A1 rating, and Moody's sees limited potential for an upward movement in the rating considering Moody's expectation of its business and financial profile.
On the other hand, negative rating pressure would emerge if 1) there are major disappointments in completing the growth projects, 2) there is a material deterioration in the steel industry fundamentals, or 2) if POSCO pursues an aggressive growth strategy, leading to Debt/EBITDA rising above 1.8x or EBIT/Interest falling below 8-10x on a consistent basis.
POSCO is the world's 3rd largest steel company with annual production of around 31 million tons (based on 2006). Based in Korea and listed on the Korean stock exchange, the company generated consolidated sales revenue of KRW 25.8 trillion for the year ending 31 December 2006.
등급 전망은 'Stable(당분간 변화없음)'이라고 이들은 덧붙였다.
다음은 무디스가 이날 제출한 보도자료 전문.
Moody's upgrades POSCO's rating to A1 from A2
Sydney, October 30, 2007 -- Moody's Investors Service has upgraded the long-term rating of POSCO to A1 from A2, concluding the review for upgrade commenced on 2 August, 2007. The outlook on the rating is stable.
"The rating upgrade recognizes POSCO's continued progress in strengthening its product mix, while maintaining a strong financial profile", says Terry Fanous, a Moody's Senior Vice President and lead analyst for the Korean steelmaker.
"The progress in product mix is evidenced by the continued growth in the proportion of POSCO's high grade strategic products, which enjoy higher and more stable margins, coupled with its ongoing focus on cost improvements" Fanous adds. The ratio of strategic products currently exceeds 65% compared to 48% at 2005 year-end. Moody's expects POSCO will continue to focus on strengthening its product mix consistent with its track record.
The rating upgrade also reflects POSCO's record of maintaining a very strong financial profile. POSCO has heavy capital investment program to upgrade and grow its production capacity in Korea and abroad, and which would likely lead to higher financial leverage over the next 2-4 years.
"That said, Moody's expects the ratio of Adjusted Debt/EBITDA to remain below 1.5x over the next 2-4 years". Although the ratio is higher than the 0.8x in 2006, it remains at a level that is consistent with strong "A" rating. Moody's expects POSCO to remain committed to maintaining a conservative financial profile as has been demonstrated over many years.
POSCO is appropriately positioned in the A1 rating, and Moody's sees limited potential for an upward movement in the rating considering Moody's expectation of its business and financial profile.
On the other hand, negative rating pressure would emerge if 1) there are major disappointments in completing the growth projects, 2) there is a material deterioration in the steel industry fundamentals, or 2) if POSCO pursues an aggressive growth strategy, leading to Debt/EBITDA rising above 1.8x or EBIT/Interest falling below 8-10x on a consistent basis.
POSCO is the world's 3rd largest steel company with annual production of around 31 million tons (based on 2006). Based in Korea and listed on the Korean stock exchange, the company generated consolidated sales revenue of KRW 25.8 trillion for the year ending 31 December 2006.
