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DSME retains credit-rating CCC
Thursday, September 21, 2017, 16:58:19 Paul Yoon ckyoon7@paran.com
DSME has been credit-rated ‘CCC Stable’ as before.

Nice Investors Service (Nice) credit-rated on Sept. 19 DSME’s Unsecured Debenture Nos. 4-2 and 6-1, predicting the shipbuilder’s grading as ‘Stable’.

Referring to the factor behind DSME’s credit-rating, Nice said that it considered its newbuilding orders received sharply fallen, projecting its business basis to weaken with its sales going sluggish and its performance uncertainty sustainable due to loss incurred in offshore projects. Also, Nice stated that it took into account the shipbuilder’s financial stability worsened as a result of its loss incurred on a large scale, with its ability to repay the debt greatly dropped with its autonomous financial restructure underway.

Speaking of the shipbuilder’s future prospect, Nice added that it will consider the lessened possibility of the need of far stronger restructure than P-Plan in the light of its private bond holders’ decision at a meeting along with its BoD’s approval for switching private banks’ loans to equity.
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