Moody's cuts Posco to Baa2

Moody's Investors Service said it downgraded Posco's foreign currency bond rating to Baa2 from Baa1.

The agency also downgraded its senior unsecured shelf rating to provisional Baa2 from provisional Baa1.

The outlook is stable.

"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 are key factors behind the rating downgrade," Moody's vice president and senior credit officer Chris Park said in a news release.

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