효성화학. (사진=효성화학)

[Alpha Biz= Reporter Kim Minyoung] This year, the credit ratings of companies in the petrochemical sector have been notably trending downward, raising significant concerns.

According to Korea Ratings Corporation (Korea Ratings) on the 13th, the petrochemical industry has experienced the most credit rating or outlook downgrades this year. The affected companies include Yeochun NCC, SKC, Hyosung Chemical, and SK Advanced. Following the petrochemical sector, the construction industry saw downgrades for companies like Shinsegae Construction, Daebo Construction, and GS Construction.

In March, Korea Ratings was the first to downgrade Hyosung Chemical's rating from 'A-' to 'BBB+.' Additionally, Yeochun NCC's (A) rating outlook was revised from 'stable' to 'negative,' SKC's (A+) outlook was downgraded from 'stable' to 'negative,' and SK Advanced's (A-) outlook was also lowered from 'stable' to 'negative.'

Similarly, NICE Investors Service has downgraded Hyosung Chemical's rating and lowered SK Advanced's rating from 'A-' to 'BBB+.'

In the case of SKC, last year NICE Investors Service was the first to lower its rating outlook to 'negative.' This year, both Korea Ratings and Korea Investors Service followed suit, further lowering the rating outlook and significantly increasing the likelihood of a rating downgrade. A 'negative' outlook indicates that there is a substantial possibility of a rating downgrade within the next six months if the business environment does not improve.

 

 

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