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Home > mk Business News 프린트 이메일 전송 리스트
Kumho Petrochemical receives highest credit rating
2012.05.30 18:05:51
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[Kumho Petrochemical receives highest credit rating ] 기사의 본문 이미지

South Korea-based Kumho Petrochemical’s general-obligation debt rating was raised to A- by Korea Investors Service Wednesday, the highest credit rating for the company, after its hard-fought efforts of restructuring over the past two years.

The company’s financial health had been in bad shape in 2009 due to growing debts after its acquisition of Daewoo Construction but it completed facility expansion last year to ease cash crunch and raised cash flow from operations of synthetic rubber business, said Korea Investors Service.

The company was given an appropriate credit rating as it completed conversion of bonds worth 200 billion won ($169.7 million) into stocks.

Earlier in February, the rating company raised the credit rating of Kumho P&B Chemicals, an affiliate of Kumho, to A- from BBB+. Kumho Petrochemical is a comprehensive chemical company with five affiliates, including Kumho P&B Chemicals, Kumho Polychem, Kumho Mitsui Chemicals, Kumho Trading Corporation.

[Written by Kyung-jin Lee / edited by Soyoung Chung]

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