S&P rates Posco Engineering BBB+

Standard & Poor's said it assigned BBB+ local- and foreign-currency long-term corporate credit ratings to Posco Engineering & Construction Co. Ltd.

The outlook is stable.

S&P said the rating reflects strong support from its parent company Posco (A/stable), good market position and conservative financial policy.

The rating is constrained by the competitive and cyclical domestic construction industry, the company's somewhat concentrated business portfolio and large off-balance sheet contingent liabilities, the agency said.

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