December 22, 2024

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LG CNS headquarters in southwestern Seoul (LG CNS)

Korean IT solutions provider LG CNS said Wednesday that it has received an upgraded credit rating outlook from the nation’s top three rating agencies.

Korea Ratings, Korea Investors Service and Nice Investors Service have upgraded LG CNS’ rating outlook from AA- stable to AA- positive over the past week. This is the first time since 2009 that the company’s credit rating outlook has been upgraded.

The company said its new orders, sales performance, financial stability and competitiveness in digital transformation were the key factors behind the rating upgrade, together with its close ties with global service providers, including Amazon Web Service, Microsoft and Google Cloud.

LG CNS plans to make its initial public offering on the nation’s main bourse Kospi in February. The company plans to issue 19.38 million shares in the upcoming IPO. The target offering price is between 53,700 won and 61,900 won ($37.88-$43.44) a share, with the estimated market capitalization expected at up to 6 trillion won.

By Jie Ye-eun (yeeun@heraldcorp.com)