Daewoo Shipbuilding‘s credit rating lowered to BB-

[THE INVESTOR] NICE Investors Service cut the long-term credit rating of Daewoo Shipbuilding & Marine Engineering, citing the shipbuilder’s deteriorating financial structure and the growing uncertainty of business normalization.

The South Korean credit rating agency revised the company’s rating to BB- from BB and put it on the review list for further possible downgrade.

“The company’s financial stability indicators have been deeply exacerbated, including the occurrence of impairment in the second quarter, and uncertainties over the company’s prospects have expanded,” the agency said.

(theinvestor@heraldcorp.com)