Moody's may cut Posco Engineering

Moody's Investors Service said it placed on review for possible downgrade the Baa1 issuer rating of Posco Engineering & Construction Co. Ltd.

The action was prompted by heightened concern over the deterioration in the company's financial metrics and liquidity profile, Moody's said. Such deterioration is a result of its large investments, working capital consumption and deteriorated earnings, the agency said.

Its key credit metrics are anticipated to worsen substantially in 2008, Moody's added.

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