한국 건설 경기의 위축 여파로 GS건설의 국제 신용등급이 하향 조정됐다.
미국 신용평가사인 무디스(Moody's)는 9일 GS건설의 신용등급을 'Baa2'에서 'Baa3'로 하향조정하고 등급 전망을 '부정적'으로 제시했다.
무디스는 “한국 건설 경기의 하강으로 재무구조가 약화되어 GS건설이 단기적으로 어려움에 직면할 수 있을 것으로 판단해 이번에 신용등급을 하향 조정했다”고 설명했다.
주택부동산 가격의 급락과 소비심리 위축 그리고 아파트 공급 과잉 등으로 주택건설의 분양 실적이 저조한 한 것도 이번 등급 하향의 추가 배경이 됐다는 지적.
또 무디스는 비우호적인 거시경제 상황으로 단기적으로 판매 부진이 이어질 것이며, 이는 향후 2년내 운전자본 적자가 현저히 증가할 수도 있을 것으로 우려를 표했다.
'부정적' 등급 전망은 회사가 대규모 미분먕 아파트 재고 부담과 부채 상환 부담, 주택 경기와 경제 여건 약화로 인해 재무 여건이 더 약화될 수 있다는 우려를 반영한 것이며, 당분간 등급 전망이 개선될 여지는 제한적이라고 이들은 설명했다.
반면 국내업계에서 GS건설의 경쟁력이 높기 때문에, Baa3 등급 유지에는 별 문제가 없을 것으로 무디스는 내다봤다.
다음은 무디스의 발표문 전문이다.
Moody's downgrades GS E&C to Baa3 with negative outlook
Hong Kong, March 09, 2009 -- Moody's Investors Service has downgraded GS Engineering & Construction Co Ltd's ("GS E&C") issuer rating to Baa3 from Baa2. The outlook on the rating is negative. This concludes Moody's review for downgrade initiated on 15 December 2008.
"The downgrade has been driven by the significant challenges that GS E&C faces in the near term, given the weakening in its financial profile because of the persistent downturn in the Korean residential construction industry," says Chris Park, a Moody's Vice President/Senior Analyst, adding "GS E&C's financial leverage weakened considerably in 2008 and is expected to remain so in the near future, with debt/EBITDA of above 4x in 2009, a level which is weak for its Baa3 rating."
GS E&C has witnessed a softened pre-sale performance for its residential projects, mainly resulting from a considerable decline in residential real estate prices and weak consumer sentiment as well as its aggressive supplies of apartments. Moody's is concerned that its sales performance is unlikely to improve significantly in the near future in view of the unfavorable macro-economic conditions, and which may lead to a material pick-up in its working capital deficits over the next 2 years.
In addition, rising concerns over the state of the domestic housing industry mean that the risk of its payment guarantees for property developers turning into on-balance sheet debt has increased, although Moody's takes comfort from the continued support it enjoys from the banking sector through debt maturity extensions.
That said, the Baa3 rating continues to be supported by GS E&C's competitive position in the domestic E&C industry, its business diversity and ample order backlog. This also factors in an expectation that its leverage will exhibit a gradual improvement over the medium term as a result of robust earnings backed by the healthy order backlog, reduction in payment guarantees for property developers and asset sale initiatives.
The negative outlook reflects GS E&C's exposure to its sizeable unsold apartment inventories and contingent liabilities amid a challenging residential housing market and economic condition, which may further weaken its financial profile .
Upward rating pressure is unlikely in the near to medium term in view of the negative outlook. The outlook could return to stable if the company (1) successfully delevers through enhancing its apartment sales performance and asset sales; and (2) adequately addresses its contingent liabilities issues. This could be evidenced by adjusted debt/EBITDA falling below 3.5-3.7x and retained cash flow/adjusted net debt rising above 23-25% on a sustained basis.
The rating could be downgraded further if the company witnesses any further weakening in its liquidity position or operating cash flow deteriorates substantially as a result of unresolved housing problems. Downward pressure also may arise from a significant materialization of its contingent liabilities. This includes adjusted debt/EBITDA above 3.7x and retained cash flow/adjusted net debt below 23% on a sustained basis.
The principal methodology used in rating this issuer was Moody's Global Construction Methodology, which can be found at www.moodys.com in the Credit Policy & Methodology directory, in the Ratings Methodologies subdirectory.
Moody's last rating action on GS E&C was on 15 December 2008, when Moody's downgraded its rating to Baa2 from Baa1 and placed the rating on review for further possible downgrade. For a full rating rationale, please refer to the latest Credit Opinion on GS E&C on www.moodys.com.
GS E&C is one of the leading construction companies in Korea, providing engineering and construction services for housing, plant, civil engineering and general building segments. The company is part of the GS Group, Korea's seventh largest business conglomerate.
※ 출처: Moody's
미국 신용평가사인 무디스(Moody's)는 9일 GS건설의 신용등급을 'Baa2'에서 'Baa3'로 하향조정하고 등급 전망을 '부정적'으로 제시했다.
무디스는 “한국 건설 경기의 하강으로 재무구조가 약화되어 GS건설이 단기적으로 어려움에 직면할 수 있을 것으로 판단해 이번에 신용등급을 하향 조정했다”고 설명했다.
주택부동산 가격의 급락과 소비심리 위축 그리고 아파트 공급 과잉 등으로 주택건설의 분양 실적이 저조한 한 것도 이번 등급 하향의 추가 배경이 됐다는 지적.
또 무디스는 비우호적인 거시경제 상황으로 단기적으로 판매 부진이 이어질 것이며, 이는 향후 2년내 운전자본 적자가 현저히 증가할 수도 있을 것으로 우려를 표했다.
'부정적' 등급 전망은 회사가 대규모 미분먕 아파트 재고 부담과 부채 상환 부담, 주택 경기와 경제 여건 약화로 인해 재무 여건이 더 약화될 수 있다는 우려를 반영한 것이며, 당분간 등급 전망이 개선될 여지는 제한적이라고 이들은 설명했다.
반면 국내업계에서 GS건설의 경쟁력이 높기 때문에, Baa3 등급 유지에는 별 문제가 없을 것으로 무디스는 내다봤다.
다음은 무디스의 발표문 전문이다.
Moody's downgrades GS E&C to Baa3 with negative outlook
Hong Kong, March 09, 2009 -- Moody's Investors Service has downgraded GS Engineering & Construction Co Ltd's ("GS E&C") issuer rating to Baa3 from Baa2. The outlook on the rating is negative. This concludes Moody's review for downgrade initiated on 15 December 2008.
"The downgrade has been driven by the significant challenges that GS E&C faces in the near term, given the weakening in its financial profile because of the persistent downturn in the Korean residential construction industry," says Chris Park, a Moody's Vice President/Senior Analyst, adding "GS E&C's financial leverage weakened considerably in 2008 and is expected to remain so in the near future, with debt/EBITDA of above 4x in 2009, a level which is weak for its Baa3 rating."
GS E&C has witnessed a softened pre-sale performance for its residential projects, mainly resulting from a considerable decline in residential real estate prices and weak consumer sentiment as well as its aggressive supplies of apartments. Moody's is concerned that its sales performance is unlikely to improve significantly in the near future in view of the unfavorable macro-economic conditions, and which may lead to a material pick-up in its working capital deficits over the next 2 years.
In addition, rising concerns over the state of the domestic housing industry mean that the risk of its payment guarantees for property developers turning into on-balance sheet debt has increased, although Moody's takes comfort from the continued support it enjoys from the banking sector through debt maturity extensions.
That said, the Baa3 rating continues to be supported by GS E&C's competitive position in the domestic E&C industry, its business diversity and ample order backlog. This also factors in an expectation that its leverage will exhibit a gradual improvement over the medium term as a result of robust earnings backed by the healthy order backlog, reduction in payment guarantees for property developers and asset sale initiatives.
The negative outlook reflects GS E&C's exposure to its sizeable unsold apartment inventories and contingent liabilities amid a challenging residential housing market and economic condition, which may further weaken its financial profile .
Upward rating pressure is unlikely in the near to medium term in view of the negative outlook. The outlook could return to stable if the company (1) successfully delevers through enhancing its apartment sales performance and asset sales; and (2) adequately addresses its contingent liabilities issues. This could be evidenced by adjusted debt/EBITDA falling below 3.5-3.7x and retained cash flow/adjusted net debt rising above 23-25% on a sustained basis.
The rating could be downgraded further if the company witnesses any further weakening in its liquidity position or operating cash flow deteriorates substantially as a result of unresolved housing problems. Downward pressure also may arise from a significant materialization of its contingent liabilities. This includes adjusted debt/EBITDA above 3.7x and retained cash flow/adjusted net debt below 23% on a sustained basis.
The principal methodology used in rating this issuer was Moody's Global Construction Methodology, which can be found at www.moodys.com in the Credit Policy & Methodology directory, in the Ratings Methodologies subdirectory.
Moody's last rating action on GS E&C was on 15 December 2008, when Moody's downgraded its rating to Baa2 from Baa1 and placed the rating on review for further possible downgrade. For a full rating rationale, please refer to the latest Credit Opinion on GS E&C on www.moodys.com.
GS E&C is one of the leading construction companies in Korea, providing engineering and construction services for housing, plant, civil engineering and general building segments. The company is part of the GS Group, Korea's seventh largest business conglomerate.
※ 출처: Moody's
