건설 경기의 하강 속에서 포스코건설의 국제 신용등급이 기존대로 유지됐다.
미국 신용평가사인 무디스(Moody's)는 9일 포스코건설의 신용등급을 기존 'Baa1'으로 유지하고 전망은 '부정적(negative)'으로 제시했다.
무디스는 “투자 및 인수 활동으로 약해진 재무여건과 낮은 수익성 등이 중기적으로 독자적으로 'Baa3'에 부합되는 수준으로 개선될 것이란 기대로 이 같은 결정을 내렸다”고 설명했다.
포스코건설 독자적으로는 Baa3 등급인데, 모기업인 POSCO(A1, 안정적)가 위기 상황에서는 지원할 것이란 예상 때문에 두 단계 높은 등급을 부여하고 있다는 설명을 덧붙였다.
다음은 무디스의 발표문 전문이다.
Moody's confirms POSCO E&C's Baa1 rating with negative outlook
Hong Kong, March 09, 2009 -- Moody's Investors Service has confirmed POSCO Engineering & Construction Co Ltd's ("POSCO E&C") Baa1 issuer rating. The rating outlook is negative. This concludes Moody's review for downgrade initiated on 15 December 2008.
"The rating confirmation reflects Moody's expectation that POSCO E&C's currently weak financial profile, arising from sizeable investment/acquisition activities and lower profitability, will improve to a level consistent with its standalone rating of Baa3 over the medium term," says Chris Park, a Moody's Vice President/Senior Analyst.
"POSCO E&C's adjusted debt/EBITDA is estimated to have grown to about 6x in 2008 from 3.2x a year earlier and is expected to remain above 4x in 2009, which is significantly weak for its rating," says Park, adding "Nonetheless, we expect a gradual deleverage to take place over the next 2 years, driven by robust revenue growth backed by the healthy order backlog and turnaround in margins as well as progress of its in-house development projects and materialization of asset sale initiatives."
Moody's draws additional comfort on its business stability stemming from significant revenue contribution from group works, ample order backlog and the good track record of pre-sale on its key property projects in Songdo, which supports its standalone Baa3 rating.
The Baa1 rating continues to factor in a two-notch uplift, resulting from the high likelihood of support in a distressed scenario from POSCO (rated A1/Stable), as the largest shareholder.
The negative outlook reflects the uncertainties as to the degree of strengthening in its leverage and cash flow metrics to levels more appropriate for its rating over the medium term, particularly given the challenging macro-economic situation and soft residential construction market conditions.
The ratings outlook could return to stable if POSCO E&C (1) successfully delevers through enhancing its apartment sales performance, enhanced earnings or asset sales; and (2) establishes a track record for sustaining adequate profitability and project execution outside its group works. This could be evidenced by adjusted debt/EBITDA falling below 3.3-3.5x and retained cash flow/adjusted net debt rising above 25-27% on a sustained basis.
On the other hand, the rating could be downgraded if the company witnesses any further weakening in margins, or operating cash flow deteriorates substantially as a result of protracted housing problems/poor project management. Downward pressure may also arise from a significant materialization of its contingent liabilities. This includes adjusted debt/EBITDA above 3.5x and retained cash flow/adjusted net debt below 25% on a sustained basis.
Moody's last rating action on POSCO E&C was on 15 December 2008, when Moody's placed the rating on review for possible downgrade. For a full rating rationale, please refer to the latest Credit Opinion on POSCO E&C on www.moodys.com.
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.
POSCO E&C is one of the major construction companies in Korea, ranked 6th in 2008 as per the Korean Construction Association's ("KCA") construction capacity appraisal. POSCO E&C was collectively 91.9% owned by POSCO group as of December 2008.
※출처: Moody's
미국 신용평가사인 무디스(Moody's)는 9일 포스코건설의 신용등급을 기존 'Baa1'으로 유지하고 전망은 '부정적(negative)'으로 제시했다.
무디스는 “투자 및 인수 활동으로 약해진 재무여건과 낮은 수익성 등이 중기적으로 독자적으로 'Baa3'에 부합되는 수준으로 개선될 것이란 기대로 이 같은 결정을 내렸다”고 설명했다.
포스코건설 독자적으로는 Baa3 등급인데, 모기업인 POSCO(A1, 안정적)가 위기 상황에서는 지원할 것이란 예상 때문에 두 단계 높은 등급을 부여하고 있다는 설명을 덧붙였다.
다음은 무디스의 발표문 전문이다.
Moody's confirms POSCO E&C's Baa1 rating with negative outlook
Hong Kong, March 09, 2009 -- Moody's Investors Service has confirmed POSCO Engineering & Construction Co Ltd's ("POSCO E&C") Baa1 issuer rating. The rating outlook is negative. This concludes Moody's review for downgrade initiated on 15 December 2008.
"The rating confirmation reflects Moody's expectation that POSCO E&C's currently weak financial profile, arising from sizeable investment/acquisition activities and lower profitability, will improve to a level consistent with its standalone rating of Baa3 over the medium term," says Chris Park, a Moody's Vice President/Senior Analyst.
"POSCO E&C's adjusted debt/EBITDA is estimated to have grown to about 6x in 2008 from 3.2x a year earlier and is expected to remain above 4x in 2009, which is significantly weak for its rating," says Park, adding "Nonetheless, we expect a gradual deleverage to take place over the next 2 years, driven by robust revenue growth backed by the healthy order backlog and turnaround in margins as well as progress of its in-house development projects and materialization of asset sale initiatives."
Moody's draws additional comfort on its business stability stemming from significant revenue contribution from group works, ample order backlog and the good track record of pre-sale on its key property projects in Songdo, which supports its standalone Baa3 rating.
The Baa1 rating continues to factor in a two-notch uplift, resulting from the high likelihood of support in a distressed scenario from POSCO (rated A1/Stable), as the largest shareholder.
The negative outlook reflects the uncertainties as to the degree of strengthening in its leverage and cash flow metrics to levels more appropriate for its rating over the medium term, particularly given the challenging macro-economic situation and soft residential construction market conditions.
The ratings outlook could return to stable if POSCO E&C (1) successfully delevers through enhancing its apartment sales performance, enhanced earnings or asset sales; and (2) establishes a track record for sustaining adequate profitability and project execution outside its group works. This could be evidenced by adjusted debt/EBITDA falling below 3.3-3.5x and retained cash flow/adjusted net debt rising above 25-27% on a sustained basis.
On the other hand, the rating could be downgraded if the company witnesses any further weakening in margins, or operating cash flow deteriorates substantially as a result of protracted housing problems/poor project management. Downward pressure may also arise from a significant materialization of its contingent liabilities. This includes adjusted debt/EBITDA above 3.5x and retained cash flow/adjusted net debt below 25% on a sustained basis.
Moody's last rating action on POSCO E&C was on 15 December 2008, when Moody's placed the rating on review for possible downgrade. For a full rating rationale, please refer to the latest Credit Opinion on POSCO E&C on www.moodys.com.
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.
POSCO E&C is one of the major construction companies in Korea, ranked 6th in 2008 as per the Korean Construction Association's ("KCA") construction capacity appraisal. POSCO E&C was collectively 91.9% owned by POSCO group as of December 2008.
※출처: Moody's
