(ADPnews) - May 17, 2010 - S&P today affirmed its investment-grade ratings on South Korean steel major Posco (SEO:005490) on expectations its potential buy of Daewoo International (SEO:047050) would not materially affect its financial profile due to its solid cash generation, low debt levels and resilient earnings.
Posco on Friday filed a winning bid in the range of KRW 3.4 trillion - KRW 3.5 trillion (USD2.9bn-3bn/EUR2.4bn-2.5bn) for 68.1% in local trader Daewoo International with the deal expected to be sealed in August-September 2010.
The agency believes the transaction would only modestly hike Posco's financial burden and would have a minor effect on its …
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