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S&P gives Posco bonds A-
Standard & Poor's said it assigned its A- rating to Posco's (A-/positive) proposed ¥50 billion senior unsecured series nine samurai bonds due 2013.
The agency noted that the rating on Posco reflects the company's leading market position in Korea, pricing power in the domestic market, diversified end markets, strong cost competitiveness, which helps generate healthy cash flows even during market downturns and low debt leverage.
At the same time, the rating is tempered by Posco's high procurement costs, substantial investment plans and aggressive expansion strategy, with plans to expand its overseas capacity by 15 million tons by 2010, S&P added.
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