Moody’s upgrades Hyundai Steel to Baa2

Moody's Investors Service said it upgraded Hyundai Steel Co.’s issuer rating to Baa2 from Baa3.

The outlook is stable.

"The upgrade of Hyundai Steel's rating reflects our view that the company's financial profile will gradually improve over the next 1-2 years, driven by a continued decline in debt levels and steady earnings, the latter of which are supported by the sizable captive demand from group companies," Moody's vice president and senior analyst Wan Hee Yoo said in a news release.

"The debt reduction will be underpinned by lower capital expenditure and healthy cash flows."

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