Posco Rating Lowered by Fitch as High Debt Cuts Credit Metrics
The [link] rating affirmation on the holding company came on the back of ProAssurances strong portfolio and risk-adjusted capital and robust operating leverage. Moreover, A.M. Best commended the companys conservative reserving practices and legal defense and claims handling capacity. ProAssurance has a strong market presence in the medical professional liability space, legal professional liability line of business and life sciences and medical device liability space that also contributed positively to the ratings.
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The steelmaker reported a slump in third-quarter profit in October and cut its 2013 sales forecast for a second time as slowing growth in China and recessions in Europe curbed steel demand, dragging down prices. Posco possesses a large portfolio of equity investments, valued at approximately 4 trillion South Korean won, part of which it can liquidate if needed, Laura Zhai, a Fitch analyst, said in the statement.
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