S&P Rates Daelim Industrial BBB Credit Rating: "Stable Earnings Despite COVID-19"

Daelim Industrial Gwanghwamun D Tower

[Asia Economy Reporter Onyu Lim] Daelim Industrial announced on the 8th that it received the same BBB rating as last year from the international credit rating agency Standard & Poor's (S&P). Additionally, Daelim Industrial's rating outlook was evaluated as 'Stable.' S&P is classified as one of the two major global credit rating agencies along with Moody's.

Daelim Industrial is currently the only domestic construction company holding an international credit rating. The BBB rating obtained by Daelim Industrial is classified as investment grade and ranks 9th out of a total of 22 grades. Among domestic companies, SK Innovation and S-Oil also have BBB ratings.

S&P stated, "Daelim Industrial holds a leading position in the Korean construction market and operates one of Asia's top naphtha cracking plants efficiently, so despite the COVID-19 crisis, it is expected to maintain stable profitability over the next one to two years," and explained, "Despite the acquisition of Cariflex in March, as of June, it has secured abundant liquidity amounting to 2.5 trillion KRW."

A Daelim Industrial official said, "While international credit ratings of domestic companies have been declining due to the impact of COVID-19, Daelim Industrial has maintained the same rating and outlook as last year," adding, "This means Daelim's international creditworthiness has relatively improved."

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