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Upgrade of credit rating for corporate bonds

2004-06-15

The credit rating for Ssangyong Engineering & Construction’s corporate bond was upgraded by one notch to BBBo from BBB-. On May 10, Korea Investors Service said that it upgraded the credit rating for Ssangyong Engineering & Construction’s corporate bond based on the Company’s securing of a sufficient number of orders and improvement of financial stability. This was the third time that the Company’s credit rating was upgraded in about a year’s time, following the upgrading in May 2003 (by 5 notches to BBB- from C) and in December 2003 (by one notch to A3o from A3- for commercial paper).