미국 신용평가사 무디스(Moody's)는 12일 GS칼텍스의 선순위무담보채무 신용등급을 기존 'Baa1'에서 'Baa2'로 한 단계 하향조정한다고 밝혔다. 등급전망은 `안정적`으로 제시했다.
무디스는 발표문을 통해 "GS칼텍스의 영업실적 악화와 대규모 투자 대비 자본조달 시장 여건 악화로 인한 재무여건 약화 가능성을 반영했다"고 이번 등급 하향 조정의 배경을 설명했다.
이번 조치로 인해 약 20억 달러 규모의 채무가 영향을 받게 된다고 이들은 덧붙였다.
다음은 무디스의 발표문 전문이다.
Moody's downgrades GS Caltex Corporation to Baa2; outlook stable
Approximately US$2 billion of debt securities affected
Hong Kong, March 12, 2009 -- Moody's Investors Service has today downgraded the senior unsecured rating of GS Caltex Corporation ("GSC") to Baa2 from Baa1. The rating outlook is stable. This concludes the rating review initiated on February 2, 2009.
"The rating action reflects GSC's deteriorated operating performance and the low likelihood of its financial profile, which was weak for its previous rating, rebounding rapidly amid the difficult refining market conditions, and compounded by the company's sizeable capital investments," says Renee Lam, a Moody's Vice President and Senior Analyst.
GSC's debt coverage metrics have declined over the past 18 months, resulting from large debt-funded capital expenditures for upgrading facilities. This has coincided with deteriorating operating conditions in the regional refining sector and the decline in the value of the Korean won against the US dollar since early 2008.
The combination of further partially debt-funded capex of about KRW 3 trillion in 2009-2011, and likely continuation of difficult conditions of the refining industry, will restrain any meaningful improvement in GSC's financial metrics in the near term.
"While GSC's projected financial position -- with retained cash flow ("RCF")/debt of around 15% in the next 2 years -- remains weak for a Baa2 rating, near-term pressure on GSC's credit profile is mitigated by the expected support rendered by its 50% parent, Chevron Corp ("Chevron"; Aa1/stable)," adds Lam.
GSC is integrated into Chevron's global downstream strategy, and contributes 18% to the latter's global refining throughput. Chevron also maintains high involvement in GSC's operations and strategy. Its support for this joint-venture, established over 40 years ago, has been evidenced by the extension of credit lines to GSC, and flexible supplier credit terms for crude procurement.
Moody's believes the support from Chevron cushions near-term downside risks to GSC's rating.
The Baa2 rating also incorporates GSC's leading position in Korea's oil sector, its vertically-integrated operations, and the likely regulatory support for the domestic oil sector. Moody's draws further comfort from the company's demonstrated good access to the domestic bank and capital markets.
The stable outlook reflects the expectation that GSC will flexibly manage its cash outlays and leverage amid the challenging refining market conditions, and that Chevron will maintain its high involvement in GSC's management and render it support if such a need arises.
Near-term upward rating pressure is limited given the challenging market conditions. The rating may be upgraded if signs of market stability emerge, or should GSC prudently manage its operations, capital investment plans, and other cash outlays, such that it achieves an RCF/debt ratio of over 20% consistently.
Downward rating pressure would emerge if 1) refining market fundamentals further deteriorate to levels that severely impact GSC's cash flow strength; or 2) GSC embarks on capital investments of a scale beyond Moody's current expectation, such that RCF/debt remains at below 12 - 15%. Any signs of reduction in Chevron's commitment to GSC will also be negative for the rating.
The last rating action with respect to GSC was taken on February 2, 2009, when its senior unsecured rating was placed on review for possible downgrade.
In assigning the rating, Moody's has made reference principally to the Global Independent Refining and Marketing Industry rating methodology, which can be found at www.moodys.com in the Credit Policy & Methodology, in the Ratings Methodologies subdirectory.
GSC is a leading oil refining and marketing company in South Korea. The company owns and operates the nation's second largest oil refinery, which has a daily refining capacity of 770,000 barrels, and accounts for 27% of national crude distillation capacity. It maintains an extensive retail network as well as substantial petrochemical operations.
※출처: Moody's Investors Service
무디스는 발표문을 통해 "GS칼텍스의 영업실적 악화와 대규모 투자 대비 자본조달 시장 여건 악화로 인한 재무여건 약화 가능성을 반영했다"고 이번 등급 하향 조정의 배경을 설명했다.
이번 조치로 인해 약 20억 달러 규모의 채무가 영향을 받게 된다고 이들은 덧붙였다.
다음은 무디스의 발표문 전문이다.
Moody's downgrades GS Caltex Corporation to Baa2; outlook stable
Approximately US$2 billion of debt securities affected
Hong Kong, March 12, 2009 -- Moody's Investors Service has today downgraded the senior unsecured rating of GS Caltex Corporation ("GSC") to Baa2 from Baa1. The rating outlook is stable. This concludes the rating review initiated on February 2, 2009.
"The rating action reflects GSC's deteriorated operating performance and the low likelihood of its financial profile, which was weak for its previous rating, rebounding rapidly amid the difficult refining market conditions, and compounded by the company's sizeable capital investments," says Renee Lam, a Moody's Vice President and Senior Analyst.
GSC's debt coverage metrics have declined over the past 18 months, resulting from large debt-funded capital expenditures for upgrading facilities. This has coincided with deteriorating operating conditions in the regional refining sector and the decline in the value of the Korean won against the US dollar since early 2008.
The combination of further partially debt-funded capex of about KRW 3 trillion in 2009-2011, and likely continuation of difficult conditions of the refining industry, will restrain any meaningful improvement in GSC's financial metrics in the near term.
"While GSC's projected financial position -- with retained cash flow ("RCF")/debt of around 15% in the next 2 years -- remains weak for a Baa2 rating, near-term pressure on GSC's credit profile is mitigated by the expected support rendered by its 50% parent, Chevron Corp ("Chevron"; Aa1/stable)," adds Lam.
GSC is integrated into Chevron's global downstream strategy, and contributes 18% to the latter's global refining throughput. Chevron also maintains high involvement in GSC's operations and strategy. Its support for this joint-venture, established over 40 years ago, has been evidenced by the extension of credit lines to GSC, and flexible supplier credit terms for crude procurement.
Moody's believes the support from Chevron cushions near-term downside risks to GSC's rating.
The Baa2 rating also incorporates GSC's leading position in Korea's oil sector, its vertically-integrated operations, and the likely regulatory support for the domestic oil sector. Moody's draws further comfort from the company's demonstrated good access to the domestic bank and capital markets.
The stable outlook reflects the expectation that GSC will flexibly manage its cash outlays and leverage amid the challenging refining market conditions, and that Chevron will maintain its high involvement in GSC's management and render it support if such a need arises.
Near-term upward rating pressure is limited given the challenging market conditions. The rating may be upgraded if signs of market stability emerge, or should GSC prudently manage its operations, capital investment plans, and other cash outlays, such that it achieves an RCF/debt ratio of over 20% consistently.
Downward rating pressure would emerge if 1) refining market fundamentals further deteriorate to levels that severely impact GSC's cash flow strength; or 2) GSC embarks on capital investments of a scale beyond Moody's current expectation, such that RCF/debt remains at below 12 - 15%. Any signs of reduction in Chevron's commitment to GSC will also be negative for the rating.
The last rating action with respect to GSC was taken on February 2, 2009, when its senior unsecured rating was placed on review for possible downgrade.
In assigning the rating, Moody's has made reference principally to the Global Independent Refining and Marketing Industry rating methodology, which can be found at www.moodys.com in the Credit Policy & Methodology, in the Ratings Methodologies subdirectory.
GSC is a leading oil refining and marketing company in South Korea. The company owns and operates the nation's second largest oil refinery, which has a daily refining capacity of 770,000 barrels, and accounts for 27% of national crude distillation capacity. It maintains an extensive retail network as well as substantial petrochemical operations.
※출처: Moody's Investors Service
