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|  | | Korea Investor Service (a Moody¡¯s Affiliate) upgraded Hyundai Merchant Marine¡¯s credit rating from D (Default) to BB (Stable) |
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HMM¡¯s Corporate credit rating updated to ¡®BB/Stable¡¯ HMM has successfully overcome all the challenges through debt for equity swap and changing conditions (adjustment of charter fee / debt adjustment with bondholders etc) Favorable conditions for HMM including reduced HMM¡¯s financial burden, benefits from Korean government supports, a possibility of support from its largest shareholder, and merits as Korea¡¯s main national flag carrier led to raise HMM¡¯s credit rating from D to BB. Expected to have a high likelihood of upgrading its credit rating based on continuous improvement on earnings. Meanwhile, HMM¡¯s debt ratio slightly increased from 186% (2016.09) to 235%, as HMM issued convertible bonds, and acquired overseas shipping terminals etc. |
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