미국 신용평가사 무디스(Moody's)는 13일 포스코(POSCO)의 신용등급 'A1'에 대한 등급 전망을 '부정적'으로 하향조정한다고 밝혔다.
이와 동시에 새롭게 발행 예정인 포스코의 달러표시 채권에 대해서도 'A1'등급과 함께 '부정적' 등급 전망을 부여했다고 확인했다.
무디스는 발표문을 통해 "등급 전망을 하향 조정한 것은 글로벌 철강산업의 약화 속에 영업실적이 약화될 것으로 예상된다는 점을 반영한 것"이라고 설명했다.
다음은 무디스의 발표 전문이다.
Moody's revises POSCO's A1 rating outlook to negative; assigns A1 rating to POSCO's USD notes
Hong Kong, March 13, 2009 -- Moody's Investors Service has affirmed POSCO's A1 foreign currency bond rating and changed the outlook to negative from stable. At the same time, Moody's has assigned an A1 rating to POSCO's proposed senior unsecured USD notes with a negative outlook. The proceeds from the notes will be used for general corporate purposes.
"The change in outlook to negative reflects an expected deterioration in POSCO's operating performance against the backdrop of the severe downturn in the global steel industry," says Chris Park, a Moody's Vice President and Senior Analyst, adding, "A prolonged down-cycle -- together with its ongoing investments needs -- may lead to its financial leverage and debt service coverage measures remaining at levels weak for its A1 rating over the near to medium term."
"The global steel industry has exhibited recessionary conditions, as demonstrated by a sharp drop in product prices and demand," says Park. "Consequently, POSCO's earnings should come under pressure, while unfavorable exchange rate movements could exacerbate the situation."
At the same time, the A1 rating is underpinned by POSCO's dominant position in Korea's steel sector and its globally competitive cost position -- advantages which should limit the negative impact from the decline in its utilization level. Further support for its rating comes from its favorable product mix, which is focused on value-added products, as well as its solid liquidity profile.
Given the negative outlook, the rating is unlikely to be upgraded. However, the outlook could return to stable if the company can keep its financial profile consistent with its A1 rating through the current down-cycle. This would be achieved by containing the degree of declines in sales and earnings, while at the same time curtailing investments to a moderate level, such that debt/EBITDA remains below 1.2-1.4x and EBIT/interest exceeds 8-10x on a sustained basis.
On the other hand, the rating could undergo a downgrade if POSCO's overall financial profile deteriorates materially and remains weak over the medium term because of its aggressive expansion strategy and a significant slowdown in sales and earnings. The key credit metrics that Moody's would consider for a downgrade include debt/EBITDA of 1.4x or above, and EBIT/interest of below 8x on a sustained basis.
Moody's last rating action on POSCO was on 30 October 2007, when it upgraded the company's rating to A1 from A2. For a full rating rationale, refer to the latest Credit Opinion on POSCO on www.moodys.com.
The principal methodology used in rating this issuer was Moody's Rating Methodology for Global Steel Industry, which can be found at www.moodys.com in the Credit Policy & Methodology directory, in the Ratings Methodologies subdirectory.
POSCO is one of the world's largest steel producers, with a dominant market position in Korea. It manufactures a broad range of steel products, including hot-rolled products, plates, wire rods, cold-rolled products, silicon steel sheets and stainless steel products.
이와 동시에 새롭게 발행 예정인 포스코의 달러표시 채권에 대해서도 'A1'등급과 함께 '부정적' 등급 전망을 부여했다고 확인했다.
무디스는 발표문을 통해 "등급 전망을 하향 조정한 것은 글로벌 철강산업의 약화 속에 영업실적이 약화될 것으로 예상된다는 점을 반영한 것"이라고 설명했다.
다음은 무디스의 발표 전문이다.
Moody's revises POSCO's A1 rating outlook to negative; assigns A1 rating to POSCO's USD notes
Hong Kong, March 13, 2009 -- Moody's Investors Service has affirmed POSCO's A1 foreign currency bond rating and changed the outlook to negative from stable. At the same time, Moody's has assigned an A1 rating to POSCO's proposed senior unsecured USD notes with a negative outlook. The proceeds from the notes will be used for general corporate purposes.
"The change in outlook to negative reflects an expected deterioration in POSCO's operating performance against the backdrop of the severe downturn in the global steel industry," says Chris Park, a Moody's Vice President and Senior Analyst, adding, "A prolonged down-cycle -- together with its ongoing investments needs -- may lead to its financial leverage and debt service coverage measures remaining at levels weak for its A1 rating over the near to medium term."
"The global steel industry has exhibited recessionary conditions, as demonstrated by a sharp drop in product prices and demand," says Park. "Consequently, POSCO's earnings should come under pressure, while unfavorable exchange rate movements could exacerbate the situation."
At the same time, the A1 rating is underpinned by POSCO's dominant position in Korea's steel sector and its globally competitive cost position -- advantages which should limit the negative impact from the decline in its utilization level. Further support for its rating comes from its favorable product mix, which is focused on value-added products, as well as its solid liquidity profile.
Given the negative outlook, the rating is unlikely to be upgraded. However, the outlook could return to stable if the company can keep its financial profile consistent with its A1 rating through the current down-cycle. This would be achieved by containing the degree of declines in sales and earnings, while at the same time curtailing investments to a moderate level, such that debt/EBITDA remains below 1.2-1.4x and EBIT/interest exceeds 8-10x on a sustained basis.
On the other hand, the rating could undergo a downgrade if POSCO's overall financial profile deteriorates materially and remains weak over the medium term because of its aggressive expansion strategy and a significant slowdown in sales and earnings. The key credit metrics that Moody's would consider for a downgrade include debt/EBITDA of 1.4x or above, and EBIT/interest of below 8x on a sustained basis.
Moody's last rating action on POSCO was on 30 October 2007, when it upgraded the company's rating to A1 from A2. For a full rating rationale, refer to the latest Credit Opinion on POSCO on www.moodys.com.
The principal methodology used in rating this issuer was Moody's Rating Methodology for Global Steel Industry, which can be found at www.moodys.com in the Credit Policy & Methodology directory, in the Ratings Methodologies subdirectory.
POSCO is one of the world's largest steel producers, with a dominant market position in Korea. It manufactures a broad range of steel products, including hot-rolled products, plates, wire rods, cold-rolled products, silicon steel sheets and stainless steel products.
