Moody’s ups Hyundai Steel to positive

Moody's Investors Service said it revised the outlook on Hyundai Steel Co.’s Baa3 issuer and senior unsecured ratings to positive from stable and affirmed the ratings.

This rating action is in response to Hyundai Steel's announcement that its merger with Hyundai Hysco Co. Ltd. (unrated) was completed on July 1.

"The change in outlook primarily reflects our expectation that Hyundai Steel's business and financial profile will improve over the next 12-18 months on the back of its merger with Hyundai Hysco and its manageable level of capital expenditure," Moody's senior vice president Chris Park said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.