S&P rates Posco notes A

S&P said it assigned an A long-term issue rating to the $30 million senior unsecured floating-rate notes issued by Posco Capital.

Woori Bank guarantees the notes, which are due June 2, 2023. Woori is rated A by S&P.

“We equalize the rating on the notes with the foreign currency long-term issuer credit rating on Woori Bank to reflect our view that the guarantee is irrevocable and unconditional. We also view the guarantee as one for timely payment and, therefore, the issuance qualifies for rating substitution treatment,” S&P said in a press release.

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