Credit ratings firm Moody's has lowered steelmaker POSCO's credit rating by one notch from A3 to Baa1. The latest downgrade follows Standard & Poor's on October 22nd 2012, where POSCO saw its rating slip from A- to BBB+.

But POSCO pointed out that it is the only global steelmaker that posted a two digit operating profit rate (10.7%) in 2011. It added it still enjoys a higher credit rating than rivals like India's Arcelor Mittal (BB+) and China's Baoshan Iron and Steel (BBB).

Source - Chosun

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