S&P , POSCO E&C for possible downgrade over acquisition
Hong Kong - Yonhap
Standard & Poor's Rating Service (S&P) said Tuesday it has placed the credit rating of POSCO Engineering & Construction Co., the construction unit of South Korean steel giant POSCO, on review for a possible downgrade, citing its acquisition of a development project. The move follows the company's announcement that it assumed and paid 364 billion won (US$336 million) in project finance debt that the property developer, Jungwoo Construction Co., owed and which had been secured by the residential property development project.
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