Moody’s revises GS Caltex to positive

Moody's Investors Service said it changed the outlook on GS Caltex Corp.’s Baa2 senior unsecured rating to positive from stable and affirmed the rating.

"The change in GSC's rating outlook to positive reflects our expectation that the company will continue to improve its capital structure through debt reductions over the next 1-2 years," Moody's vice president and senior credit officer Wan Hee Yoo said in a news release.

"The company's debt reductions will be supported by its positive free cash flow stemming from healthy operating cash flow and manageable capital expenditures."

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