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[Alpha Biz=(Chicago) Reporter Paul Lee] Tae Young E&C, which had been shaken by concerns that the financial difficulties were worsening, faced another credit crisis.
According to the financial investment industry on the 18th, the Korea Corporate Rating and the Korea Credit Rating lowered Tae Young E&C's credit rating from 'A (negative)' to 'A- (stable)'. It has been only four years since it was raised to A grade in June 2019.
Heavy financial burdens are cited as the reason for the credit rating downgrade. Tae Young E&C's sequential deposits nearly doubled from 946.1 billion won at the end of 2021 to 1.634 trillion won in March this year.
The amount of real estate PF guarantees also rose from 1.3 trillion won at the end of 2020 to 2.4 trillion won in March this year. Another factor that raises the company's uncertainty is that there are still a lot of local supplies that are still in poor condition.
Tae Young E&C's capital fell from 1.209 trillion won to 708 billion won in September 2020 when it split TY Holdings. The debt ratio also more than doubled from 234.4% in June 2020 to 487.2% at the end of 2020.
The closing price of Taeyoung Construction on the 16th of this month was 4,190 won, which was cut in half compared to early June last year (8,570 won). It fell 70.6% compared to the high point (14,250 won) in May 2021. As stock prices continued to remain sluggish, Vice Chairman Lee Jae-kyu bought 236,970 treasury shares in the market on the 16th.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
