Moody’s upgrades GS Caltex to Baa2

Moody's Investors Service said it upgraded GS Caltex Corp.’s senior unsecured rating to Baa2 from Baa3.

The outlook is stable.

"The upgrade of GSC's rating reflects our view that the company's financial profile will remain healthy over the next 1-2 years, driven by a gradual decline in debt levels and steady earnings, against the backdrop of supportive industry fundamentals," Moody's vice president and senior analyst Wan Hee Yoo said in a news release.

"The debt reduction will be underpinned by GSC's low capital expenditure and moderate working capital requirements amid the low oil price environment."

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