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[Alpha Biz=(Chicago) Reporter Kim Jisun] The construction industry's credit rating and outlook fell in the second half of the year.
According to the credit rating industry on the 27th, the Korea Enterprise Evaluation (KIPO) changed Taeyoung Construction's credit rating outlook from 'stable' to 'negative' on the 21st of this month. The credit rating remained 'A-'. On the same day, the Korea Credit Rating maintained Taeyoung Construction's credit rating at 'A-' and changed its credit rating outlook from 'stable' to 'downward review'. This means that the credit rating is more likely to be downgraded to 'BBB+'.
The reason why the possibility of Taeyoung Construction's workout is being mentioned is because of the market's assessment that PF loans eventually exceeded the level they could afford. In the case of Taeyoung Engineering & Construction, the financial burden expanded as direct purchases increased due to falling conditions for refinancing PF securitized securities after a downgrade in June this year.
Taeyoung Construction's consolidated net deposit at the end of September 2023 was 1.8176 trillion won. The amount is up 229.9 billion won from the end of last year. According to Kipyeong Han, the total amount of borrowings related to PF of Youngseon Tae is about 2.9 trillion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
