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Ssangyong Engineering & Construction sees its credit-rating upgraded by five notches
2003-05-28
- From C to BBB- by KMCC concerning its corporate bonds
- Chiefly due to improved financial stability amid robustness in business with orders won increasing two-fold over the previous year
- Expecting upgrade by foreign rating institutions and competitiveness in winning orders
- Targeting W60 billion in net profit for the year
The credit rating of corporate bonds issued by Ssangyong Engineering & Construction (Representative Director: Kim Suk-Joon) was upgraded by five notches to BBB- from C.
On May 23, Korea Management Consulting and Credit Rating (KMCC / President: Lee Young-Jin) said that it upgraded the credit-rating of corporate bonds of Ssangyong Engineering & Construction by five notches to BBB-, seeing that its financial stability was greatly improved through debt rescheduling and the securing of new orders (W1,429.5 billion won) twice the amount of orders secured last year on the strength of robust business in winning turn-key and government-ordered projects.
KMCC also said that Ssangwyong’s profit structure is being stabilized as a result of focusing on profitability in winning new orders and the settlement of bad debt expenses and that its cash flow also remains very sound due to increases in the share of government-ordered projects amid the recovery of its credit rating and robustness in apartment sales.
The Company also posted sound results in the first quarter, posting W199.7 billion in sales and W10 billion in ordinary profit. Currently, it sets its annual target at W107 trillion in sales and W60 billion in net profit for the year.