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| (사진=SK이노베이션 제공) |
[Alpha Biz=(Chicago) Reporter Paul Lee] The Korea Corporate Evaluation lowered its rating outlook to "negative" on the 6th, saying that SK Securities' profitability slump continues and the burden of managing financial soundness related to project financing exposure remains.
Kipyeong Han changed the rating outlook of SK Securities' corporate credit rating (A), derivatives bonds (A), and subordinated bonds (A-) from 'stable' to 'negative'. The "negative" rating outlook does not immediately downgrade the credit rating, but means that it will review the downward revision by observing its financial status for one to two years.
SK Securities saw its average sales and operating profit ratio and total asset return (ROA) fall to 91.0% and 0.3%, respectively, over the past three years from 2020 to last year. It was also evaluated to be sluggish compared to the average of the same industry (Peer).
Due to the balance structure based on consignment sales, the proportion of fixed costs is high, and the burden of non-current costs such as accumulation of litigation reserves and loss of evaluation of financial products.
In fact, SK Securities' net profit fell KRW 23.1 billion on-year to KRW 4.4 billion last year due to one-off expenses such as consignment sales, falling commodity management balance, increased loan-loss reserves and valuation loss of carbon credits.
It was also assessed that its overall market position has declined due to the expansion of its share of large securities firms in the consignment trading sector, and its capital adequacy has been reduced due to equity investment and increased contingent debt.
AlphaBIZ 폴리(hoondork1977@alphabiz.co.kr)
