Fitch affirms, withdraws Posco

Fitch Ratings said it affirmed Posco's long-term issuer default rating and senior unsecured rating at BBB+.

The outlook is stable.

The short-term issuer default rating was affirmed at F2.

At the same time, Fitch withdrew the ratings for commercial reasons.

“Posco's ratings reflect our view of robust steel-industry fundamentals and the company's improved financial profile,” the agency said in a news release.

“The company's strong operating performance across all divisions and its restructuring efforts have enabled it to reduce debt and its FFO adjusted net leverage fell to 1.6x in 2017, which is below our positive guideline of 2.5x.

“We expect further improvement over the next two to three years with continued free cash flow generation from robust steel-industry fundamentals.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.