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Moody's revises LG Chem view to positive
Moody's Investors Service said it revised the outlook on LG Chem, Ltd. to positive from stable. The agency also affirmed LG Chem's Baa1 issuer rating and the Baa1 senior unsecured ratings on LG Energy Solution, Ltd.'s notes that are jointly and severally liable by LG Chem. LG Energy’s outlook is positive.
"The change in outlook to positive from stable reflects our expectation that LG Chem's earnings will increase significantly in 2021 and remain strong relative to the historical average, supported by structural earnings improvement in its petrochemical and battery businesses," said Wan Hee Yoo, a Moody's vice president and senior credit officer, in a press release.
"The rating action also reflects the likelihood of an initial public offering (IPO) at LGES which, if it materializes, will bring in large proceeds and will provide a significant financial buffer at the LG Chem consolidated level against its ongoing large capital spending," added Yoo.
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