[Alpha Biz= Reporter Kim Minyoung] On the 30th, NICE Credit Ratings announced a change in Daol Investment & Securities' credit rating outlook for non-guaranteed bonds from 'stable' to 'negative.'

While the credit ratings for senior and subordinate non-guaranteed bonds remain at 'A' and 'A-' respectively, the credit rating outlook has been lowered by one notch.

NICE Credit Ratings explained the rationale behind the downward revision, stating, "The recovery of current profit-generating power is expected to be delayed for the time being due to significant operating losses in 2023."

In the previous year, Daol Investment & Securities incurred operating losses of 62 billion won on a consolidated basis and 47.1 billion won on a separate basis. The consolidated net loss amounted to 11.4 billion won.

Despite Daol Investment & Securities' efforts to reduce exposure to real estate PF (Public Funds) and set aside provisions since the second half of 2022, NICE Investors Service noted that considering the majority of the exposures are composed of mid- and subordinated bonds, additional loan-loss costs are likely to be incurred.

 

 

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