대우조선해양과 한화 (사진=대우조선해양, 한화)

 

[Alpha Biz=(Chicago) Reporter Kim Jisun] Domestic credit rating agencies have raised the outlook for Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering)'s credit rating and rating. This is because financial soundness and governance have improved with Hanwha Group's acquisition.

The Korea Enterprise Evaluation said on the 24th that Hanwha Ocean's credit rating will be raised from BBB- (positive review) to BBB (stable). The Korea Corporate Assessment cited the improvement in financial safety as the reason for Hanwha Group's credit rating hike as it carried out a paid-in capital increase in the process of acquiring Hanwha Ocean.

Hanwha Aerospace and Hanwha Systems participated in the paid-in capital increase worth 2 trillion won and became the largest shareholder of Hanwha Ocean (38.75% stake). The Korea Enterprise Evaluation estimated that the separate standard debt ratio fell from 2224.2% at the end of March to 459.7% after the paid-in capital increase as Hanwha Ocean's capital increased.

Policy financing support will also be expanded and continued. The Export-Import Bank of Korea has postponed the timing of Hanwha Ocean's interest rate step-up (a rate hike after a certain period of time) for more than five years. In addition, KRW 2.9 trillion supported by the KDB Development Bank and the Export-Import Bank of Korea through the Credit Limit (Credit Line) method will remain low interest rates for the next five years.

 

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