[Featured Stock] Ecomister Downgraded to Credit Rating CCC, Stock Price Plummets 27%

Impact of 300 Million KRW Loan Default at KDB Industrial Bank

[Asia Economy Reporter Minwoo Lee] The stock price of Eco Meister, a KOSDAQ-listed company, is plummeting to the point of hitting the lower limit.

According to the Korea Exchange on the 26th, as of 3 PM, Eco Meister's stock price has fallen about 27% compared to the previous day, standing at 2,430 won. This contrasts with the 7.7% increase seen the day before.

This is interpreted as a result of Eco Meister's credit rating downgrade. The corporate credit rating agency Korea Ratings downgraded the credit rating of Eco Meister's unsecured convertible bonds issued the previous day from 'B-' to 'CCC'. This was due to Eco Meister's failure to repay a 300 million won loan borrowed from KDB Industrial Bank on the 4th, resulting in delinquency. On the same day, Korea Credit Rating also placed Eco Meister's corporate bonds and corporate credit rating under review for a downgrade.

Founded in 1976, Eco Meister is a company that manufactures railway vehicle inspection equipment and recycles industrial waste generated during metal manufacturing processes such as steel and non-ferrous metal slag.