[Alpha Biz= Kim Jisun] Credit ratings of JTBC and its affiliates, including JoongAng Ilbo and JoongAng Ilbo M&P, have been downgraded after JTBC failed to repay approximately 20.6 billion won ($15 million) in securitized debt.

On June 12, NICE Investors Service lowered JTBC’s long-term credit rating from “BBB (Negative)” to “CCC,” while its short-term rating was cut from “A3” to “C.”

The agency also downgraded JoongAng Ilbo’s long-term rating from “BBB (Negative)” to “BB-,” and its short-term rating from “A3” to “B-.” The short-term rating of JoongAng Ilbo M&P was likewise lowered from “A3” to “B-.”

The rating action followed JTBC’s default on 20.6 billion won in asset-backed borrowings, including 5.6 billion won from Mir J 2nd and 15 billion won from Jeil TBC J 2nd.

 

 

 

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