Global credit rating agency Moody’s Investors Service said Wednesday that it has assigned South Korean construction and petrochemical company Daelim Industrial a Baa2 grade with a stable outlook. According to Daelim Industrial, it is the first construction company in Korea to be given a global rating.
On Moody’s rating scale, Baa2 stands ninth out of 21 and is considered a medium grade, indicating a moderate credit risk. SK hynix and S-Oil have been assigned the same rating.
“Daelim’s strong position in Korea’s construction industry and unique business diversity from its petrochemicals operations, as well as solid profitability and financial flexibility” earned it the rating, Moody’s analyst Sean Hwang explained in a report.
Established in 1939, Daelim Industrial is one of Korea’s top construction companies, ranking third in construction capacity as of 2018. It also runs large petrochemical operations.
Meanwhile, under the Korean credit rating agency NICE Investors Service, Daelim Industrial has an AA- grade, the highest rating for any local construction company.
By Cho Hyee-su (firstname.lastname@example.org)