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[Alpha Biz=(Chicago) Reporter Paul Lee] Korea Ratings lowered GS Engineering & Construction's unguaranteed bond credit rating from 'A + / negative review' to 'A / stable'.
The corporate paper rating has been downgraded from 'A2+' to 'A2'.
In the report, Korea Ratings cited GS E&C's financial burden for the time being and the need to monitor the impact of the suspension of the Ministry of Land, Infrastructure and Transport.
According to Korea Ratings, GS E&C's net deposit on a consolidated basis at the end of the third quarter stood at 2.65 trillion won, up 284.4 billion won from the end of last year, while its debt ratio stood at 250.3 percent, up 33.9 percentage points over the same period.
In connection with the accident, the Ministry of Land, Infrastructure and Transport is pushing to suspend GS Engineering & Construction for a total of 10 months. The level of disposal will be confirmed in January next year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
