Moody's ups GS Engineering to stable

Moody's Investors Service said it revised the outlook of GS Engineering & Construction Co. Ltd.'s Baa3 issuer rating to stable from negative.

The action is mainly driven by the progress the company has made in decreasing its unsold housing units and project finance guarantees - payment guarantees for property developers - as well as by its robust operating performance, Moody's said.

Its lower housing-related risk and considerably improved financial health mean its overall credit profile is more consistent with a Baa3 rating level, the agency said.

Moody's said it expects this trend will continue in the near to medium term.

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