영국 신용평가사 피치(Fitch Ratings)는 11일 발표문을 통해 삼성전자와 LG전자등급 전망을 각각 '안정적'에서 '부정적'으로 하향 조정한다고 밝혔다. 피치는 삼성전자의 등급 'A+'와 LG전자의 'BBB' 등급을 각각 현재 수준으로 유지한다고 재확인했다.
이들은 성명서에서 "삼성전자와 LG전자가 원화 약세로 인해 4/4분기 실적이 개선되었으나 영업 이익률이 악화되었으며, 경기 하강으로 인해 주력 제품 수요가 약화될 것으로 우려된다"며 등급 전망 하향 조정의 배경을 설명했다.
삼성전자는 반도체 부문 구조조정에 따른 수혜가 기대된다고 하지만 글로벌 금융위기로 인한 PC 및 디스플레이 수요 감소세가 예상되어 올해 회복은 불가능해 보인다고 경고했다.
LG전자는 주력 가전부문이 올해 영업적자를 기록할 것으로 예상된다며 우려했다.
한편 피치는 하이닉스의 'B+' 신용등급에 대해서는 '하향조정 관찰 대상'에 계속 올린 상황이라고 밝혔다. 이들은 지난해 12월 하이닉스의 신용등급을 'BB'에서 'B+'로 강등했으나, 올해 실적 전망이 하향조정될 경우 추가 등급 하향조정에 나설 방침이다.
이번 조치는 아시아태평양지역 17개 첨단기술업체 등급 조정과 함께 제출됐다.
피치의 이날 성명서 원문은 아래와 같다.
Fitch Revises Outlook to Negative on Samsung & LGE; Maintains Negative Watch on Hynix
10 Mar 2009 11:00 PM (EDT)
Fitch Ratings-Seoul/Tokyo/Singapore-11 March 2009: Further to the release issued earlier this week on the back of an Asia-Pacific Technology sector-wide review, Fitch Ratings has revised its rating Outlook on Samsung Electronics Co., Ltd. (SEC) and LG Electronics Inc (LGE) to Negative from Stable. At the same time, Hynix Semiconductor Inc.'s (Hynix) Long-term foreign currency (FC) IDR and senior unsecured debt ratings, which are currently at 'B+', remain on Rating Watch Negative (RWN). Details on the ratings for these three Korean entities and the rationale for the same are given below, and a complete list of rating actions which Fitch has simultaneously taken on 17 rated technology names across Asia-Pacific is also provided at the end of this press release
The rating actions reflect Fitch's view that the negative impact stemming from the global economic slowdown on the three Korean technology names is likely to deepen as 2009 progresses. Fitch now expects that the economic downturn currently affecting Korea and its major export markets will be protracted, lasting for the next 18 months. Reflecting the depressed state of the panel display industry, which both SEC and LGE are also heavily exposed to, revenue for AU Optronics ('BB-' (BB minus)/Negative) in Taiwan declined by 62% yoy in Q408, and its operating margin plunged to -44% compared with a gain of 22% a year earlier.
While the sharp depreciation of the Korean Won (KRW) during Q408 helped both SEC and LGE record positive yoy sales growth of 18% and 14%, respectively, meaningful declines in unit prices across all major business areas (semiconductors, liquid crystal/plasma panel displays and handsets) coupled with higher raw material and marketing costs resulted in both companies reporting an operating loss in Q408, and significantly in SEC's case its first ever quarterly loss since it commenced reporting on a quarterly basis in Q300. Notably, both companies gave up providing key operating and financial guidance for 2009, citing low visibility in demand across all business areas.
Accordingly, Fitch does not expect SEC and LGE's recent market share gains to result in improved profitability, at least in the short term. Moreover, the agency stresses that concern over globally weak demand for consumer electronics products is a vitally more important consideration at this juncture.
SEC:
- Long-term FC IDR affirmed at 'A+'; Outlook revised to Negative from Stable.
The revision to Negative Outlook reflects the agency's view that SEC's recent poor operating performance in Q408 is likely to continue during FY2009 and possibly FY2010. While SEC's consolidated revenue increased by 18% during Q408 with the help of the sharp depreciation of the KRW, its operating profit margin declined to -2.0% from 9.5% in the same period a year ago. The losses mostly stem from its struggling semiconductor and LCD panel business division. Although the agency believes that possible consolidation in the DRAM industry and substantial capex cuts by LCD panel players during H208 may help supply side dynamics, the global financial crises and the negative GDP growth currently evident in both Korea and its major export markets suggests that overall demand for PC and display components will remain depressed for some time and accordingly the DRAM and display panel industries are unlikely to recover in 2009.
Nevertheless, Fitch does not expect SEC to encounter any financial difficulties in the near future, in light of its extremely strong financial flexibility. However, in the context of the highly cyclical nature of the semiconductor and LCD industries, the prospect of SEC reporting ongoing quarterly operating losses while maintaining substantial capital investments, even after a significant reduction of the same, implies that SEC's credit metrics are likely to weaken. Accordingly, Fitch will consider downgrading SEC's Long-term FC IDR if the current weak memory semiconductor and LCD panel pricing environment is protracted and, together with the company's capital investment policy, results in a less robust credit profile.
LGE:
- Long-term FC IDR affirmed at 'BBB'; Outlook revised to Negative from Stable.
LGE's Outlook was revised to Negative from Stable on the expectation that the weak operating and financial performance of the company in Q408 is likely to continue during FY2009 and FY2010. As per the case of SEC, the sharp depreciation of the KRW helped LGE's revenue increase during Q4, but its operating profitability deteriorated into negative territory. LGE's key business divisions are experiencing similar difficulties as SEC's major business divisions. Its operating profit margin in the handset businesses deteriorated to 5.2% in Q408 from 8.8% in Q407, and LG Display (not rated), LGE's 37.9%-owned LCD panel producing subsidiary, reported a -6.9% operating loss in Q4 2008 versus a 20.1% operating profit in Q407. Fitch also noted that LGE's home appliance division, which previously has been a steady cash cow, is likely to have recorded a negative operating profit margin in Q408 even after adjusting for one-off expenses.
LGE's Long-term FC IDR could be downgraded if ongoing depressed demand levels for its major products, including handsets, TVs and LCD panels, leads the company to report negative EBIT margins on a quarterly basis.
Hynix:
- Long-term FC IDR:'B+'; Remains on RWN.
- Senior unsecured notes:'B+'; Remains on RWN.
Hynix's sales declined by 18% yoy in Q408, with its EBITDA margin turning to negative 4.6% (versus positive 17.4% a year ago), and its operating margin declining steeply to negative 52% (versus negative 17% in Q407). Largely in anticipation of Hynix's poor operating and financial performance during H208, the agency downgraded Hynix to 'B+' from 'BB' and placed it on RWN in December 2008. Hynix's ratings are likely to be revisited once the company has released its Q109 earnings and consolidated full year end result for 2008 in April 2009.
The list below summarises the rating actions taken on Fitch's 17 rated technology names across Asia-Pacific, with specific reference to the Long-term foreign currency IDR:
China:
ZTE Corporation: Affirmed at 'BB+' with Stable Outlook.
Japan:
- Panasonic Corporation: Downgraded to 'A+' from 'AA-' (AA minus); Rating Watch Negative (RWN) maintained;
- Sharp Corporation: Downgraded to 'A' from 'A+'; Placed on RWN;
- Hitachi, Ltd: Downgraded to 'BBB+' from 'A-' (A minus); Placed on RWN;
- Sony Corporation: Downgraded to 'BBB+' from 'A-' (A minus); RWN maintained;
- NEC Corporation: Downgraded to 'BBB-' (BBB minus) from 'BBB'; Outlook revised to Negative from Stable;
- Toshiba Corporation: Downgraded to 'BB' from 'BBB'; Placed on RWN.
Korea:
- Samsung Electronics Co., Ltd.: Affirmed at 'A+'; Outlook revised to Negative from Stable;
- LG Electronics Co., Ltd.: Affirmed at 'BBB'; Outlook revised to Negative from Stable;
- Hynix Semiconductor Inc.: 'B+'; RWN maintained.
Singapore:
Chartered Semiconductor Manufacturing Ltd: Downgraded to 'BB-' (BB minus) from 'BB+'; Outlook revised to Negative from Stable;
Taiwan:
- Taiwan Semiconductor Manufacturing Company Limited: Affirmed at 'A'; Stable Outlook;
- United Microelectronics Corporation: Affirmed at 'BBB'; Stable Outlook;
- Acer Inc.: Affirmed at 'BBB-' (BBB minus); Outlook revised to Negative from Stable;
- ASUSTeK Computer Inc.: Downgraded to 'BB+' from 'BBB-' (BBB minus); Placed on RWN;
- Quanta Computer Inc.: Affirmed at 'BB'; Outlook revised to Negative from Positive;
- AU Optronics Corporation: Downgraded to 'BB-' (BB minus) from 'BB+'; Outlook revised to Negative from Positive.
※출처: Fitch Ratings
이들은 성명서에서 "삼성전자와 LG전자가 원화 약세로 인해 4/4분기 실적이 개선되었으나 영업 이익률이 악화되었으며, 경기 하강으로 인해 주력 제품 수요가 약화될 것으로 우려된다"며 등급 전망 하향 조정의 배경을 설명했다.
삼성전자는 반도체 부문 구조조정에 따른 수혜가 기대된다고 하지만 글로벌 금융위기로 인한 PC 및 디스플레이 수요 감소세가 예상되어 올해 회복은 불가능해 보인다고 경고했다.
LG전자는 주력 가전부문이 올해 영업적자를 기록할 것으로 예상된다며 우려했다.
한편 피치는 하이닉스의 'B+' 신용등급에 대해서는 '하향조정 관찰 대상'에 계속 올린 상황이라고 밝혔다. 이들은 지난해 12월 하이닉스의 신용등급을 'BB'에서 'B+'로 강등했으나, 올해 실적 전망이 하향조정될 경우 추가 등급 하향조정에 나설 방침이다.
이번 조치는 아시아태평양지역 17개 첨단기술업체 등급 조정과 함께 제출됐다.
피치의 이날 성명서 원문은 아래와 같다.
Fitch Revises Outlook to Negative on Samsung & LGE; Maintains Negative Watch on Hynix
10 Mar 2009 11:00 PM (EDT)
Fitch Ratings-Seoul/Tokyo/Singapore-11 March 2009: Further to the release issued earlier this week on the back of an Asia-Pacific Technology sector-wide review, Fitch Ratings has revised its rating Outlook on Samsung Electronics Co., Ltd. (SEC) and LG Electronics Inc (LGE) to Negative from Stable. At the same time, Hynix Semiconductor Inc.'s (Hynix) Long-term foreign currency (FC) IDR and senior unsecured debt ratings, which are currently at 'B+', remain on Rating Watch Negative (RWN). Details on the ratings for these three Korean entities and the rationale for the same are given below, and a complete list of rating actions which Fitch has simultaneously taken on 17 rated technology names across Asia-Pacific is also provided at the end of this press release
The rating actions reflect Fitch's view that the negative impact stemming from the global economic slowdown on the three Korean technology names is likely to deepen as 2009 progresses. Fitch now expects that the economic downturn currently affecting Korea and its major export markets will be protracted, lasting for the next 18 months. Reflecting the depressed state of the panel display industry, which both SEC and LGE are also heavily exposed to, revenue for AU Optronics ('BB-' (BB minus)/Negative) in Taiwan declined by 62% yoy in Q408, and its operating margin plunged to -44% compared with a gain of 22% a year earlier.
While the sharp depreciation of the Korean Won (KRW) during Q408 helped both SEC and LGE record positive yoy sales growth of 18% and 14%, respectively, meaningful declines in unit prices across all major business areas (semiconductors, liquid crystal/plasma panel displays and handsets) coupled with higher raw material and marketing costs resulted in both companies reporting an operating loss in Q408, and significantly in SEC's case its first ever quarterly loss since it commenced reporting on a quarterly basis in Q300. Notably, both companies gave up providing key operating and financial guidance for 2009, citing low visibility in demand across all business areas.
Accordingly, Fitch does not expect SEC and LGE's recent market share gains to result in improved profitability, at least in the short term. Moreover, the agency stresses that concern over globally weak demand for consumer electronics products is a vitally more important consideration at this juncture.
SEC:
- Long-term FC IDR affirmed at 'A+'; Outlook revised to Negative from Stable.
The revision to Negative Outlook reflects the agency's view that SEC's recent poor operating performance in Q408 is likely to continue during FY2009 and possibly FY2010. While SEC's consolidated revenue increased by 18% during Q408 with the help of the sharp depreciation of the KRW, its operating profit margin declined to -2.0% from 9.5% in the same period a year ago. The losses mostly stem from its struggling semiconductor and LCD panel business division. Although the agency believes that possible consolidation in the DRAM industry and substantial capex cuts by LCD panel players during H208 may help supply side dynamics, the global financial crises and the negative GDP growth currently evident in both Korea and its major export markets suggests that overall demand for PC and display components will remain depressed for some time and accordingly the DRAM and display panel industries are unlikely to recover in 2009.
Nevertheless, Fitch does not expect SEC to encounter any financial difficulties in the near future, in light of its extremely strong financial flexibility. However, in the context of the highly cyclical nature of the semiconductor and LCD industries, the prospect of SEC reporting ongoing quarterly operating losses while maintaining substantial capital investments, even after a significant reduction of the same, implies that SEC's credit metrics are likely to weaken. Accordingly, Fitch will consider downgrading SEC's Long-term FC IDR if the current weak memory semiconductor and LCD panel pricing environment is protracted and, together with the company's capital investment policy, results in a less robust credit profile.
LGE:
- Long-term FC IDR affirmed at 'BBB'; Outlook revised to Negative from Stable.
LGE's Outlook was revised to Negative from Stable on the expectation that the weak operating and financial performance of the company in Q408 is likely to continue during FY2009 and FY2010. As per the case of SEC, the sharp depreciation of the KRW helped LGE's revenue increase during Q4, but its operating profitability deteriorated into negative territory. LGE's key business divisions are experiencing similar difficulties as SEC's major business divisions. Its operating profit margin in the handset businesses deteriorated to 5.2% in Q408 from 8.8% in Q407, and LG Display (not rated), LGE's 37.9%-owned LCD panel producing subsidiary, reported a -6.9% operating loss in Q4 2008 versus a 20.1% operating profit in Q407. Fitch also noted that LGE's home appliance division, which previously has been a steady cash cow, is likely to have recorded a negative operating profit margin in Q408 even after adjusting for one-off expenses.
LGE's Long-term FC IDR could be downgraded if ongoing depressed demand levels for its major products, including handsets, TVs and LCD panels, leads the company to report negative EBIT margins on a quarterly basis.
Hynix:
- Long-term FC IDR:'B+'; Remains on RWN.
- Senior unsecured notes:'B+'; Remains on RWN.
Hynix's sales declined by 18% yoy in Q408, with its EBITDA margin turning to negative 4.6% (versus positive 17.4% a year ago), and its operating margin declining steeply to negative 52% (versus negative 17% in Q407). Largely in anticipation of Hynix's poor operating and financial performance during H208, the agency downgraded Hynix to 'B+' from 'BB' and placed it on RWN in December 2008. Hynix's ratings are likely to be revisited once the company has released its Q109 earnings and consolidated full year end result for 2008 in April 2009.
The list below summarises the rating actions taken on Fitch's 17 rated technology names across Asia-Pacific, with specific reference to the Long-term foreign currency IDR:
China:
ZTE Corporation: Affirmed at 'BB+' with Stable Outlook.
Japan:
- Panasonic Corporation: Downgraded to 'A+' from 'AA-' (AA minus); Rating Watch Negative (RWN) maintained;
- Sharp Corporation: Downgraded to 'A' from 'A+'; Placed on RWN;
- Hitachi, Ltd: Downgraded to 'BBB+' from 'A-' (A minus); Placed on RWN;
- Sony Corporation: Downgraded to 'BBB+' from 'A-' (A minus); RWN maintained;
- NEC Corporation: Downgraded to 'BBB-' (BBB minus) from 'BBB'; Outlook revised to Negative from Stable;
- Toshiba Corporation: Downgraded to 'BB' from 'BBB'; Placed on RWN.
Korea:
- Samsung Electronics Co., Ltd.: Affirmed at 'A+'; Outlook revised to Negative from Stable;
- LG Electronics Co., Ltd.: Affirmed at 'BBB'; Outlook revised to Negative from Stable;
- Hynix Semiconductor Inc.: 'B+'; RWN maintained.
Singapore:
Chartered Semiconductor Manufacturing Ltd: Downgraded to 'BB-' (BB minus) from 'BB+'; Outlook revised to Negative from Stable;
Taiwan:
- Taiwan Semiconductor Manufacturing Company Limited: Affirmed at 'A'; Stable Outlook;
- United Microelectronics Corporation: Affirmed at 'BBB'; Stable Outlook;
- Acer Inc.: Affirmed at 'BBB-' (BBB minus); Outlook revised to Negative from Stable;
- ASUSTeK Computer Inc.: Downgraded to 'BB+' from 'BBB-' (BBB minus); Placed on RWN;
- Quanta Computer Inc.: Affirmed at 'BB'; Outlook revised to Negative from Positive;
- AU Optronics Corporation: Downgraded to 'BB-' (BB minus) from 'BB+'; Outlook revised to Negative from Positive.
※출처: Fitch Ratings
