Corporate downgrades have reached the highest in four year as the protracted Covid-19 hit hard on Korean Inc.
Debt ratings on 41 companies were cut down by one or more notches by three Korean rating majors Korea Investors Service, NICE Investors Service and Korea Ratings Corporation.
The bulk was refiners, hotel and duty-free service operators, theaters and retailers hit hardest by the virus outbreak.
SK Energy and S-Oil were rated AA this year, down from AA+, respectively. Hotel Lotte and Hotel Shilla were downgraded to AA- from AA.
Six firms saw their rating cut twice or more this year including CJ CGV with a credit rating down from A+ to A and A-.
Downgrading is expected go on next year as virus outbreak fails to subside.
[? Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]