[Hyomun financial newspaper reporters standing in South Korea - has led to a negative outlook for Hyundai, Samsung Heavy Industries and Hyundai Mipo Dockyard. This business stability with concern that the backlog plunged remind decreases. Accordingly, Samsung Heavy Industries and Hyundai Mipo Dockyard fell to the speculative grade credit rating.
Korea Ratings (hereafter Korea Ratings) had three days to adjust downward in unison credit ratings of Hyundai and Samsung Heavy Industries, Hyundai Mipo Dockyard. Hyundai Heavy Industries went down to 'A / Negative' from 'A- / Negative', Samsung Heavy Industries 'A- / Negative' from 'BBB + / Negative' HMD 'BBB + / Negative' from 'A- / Negative' .
Korea Ratings are holding a consistent basis with respect to one's downgraded the credit ratings of these three shipbuilding. The order backlog decreased due to the prolonged recession shipbuilding market, expand business risk due to reduced business volume, profitability and earnings volatility due to the slump in new orders is the reason.
Kim Gwangsu Korea Ratings evaluating professional committee explained, "major shipbuilding companies last year, operating profit was successful but the turnaround, which the aftermath of the restructuring," he said, "a drastic reduction of the backlog of the orders cliff business stability has been greatly reduced."
He added that "there are also downgrade the aftermath of Hyundai Heavy Industries mogeurup case of Hyundai Mipo Dockyard."
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