HMM, Hankyung Credit Rating Upgraded by Two Levels

[Asia Economy Reporter Choi Daeyeol] HMM announced on the 24th that it received a corporate credit rating of ‘A-’ (stable) from Korea Ratings. This is an increase of two levels from the previous ‘BBB’.

According to the company, Korea Ratings evaluated HMM as having secured a stable market position in the global container shipping market, which has high entry barriers. They also pointed out that HMM has an excellent financial structure and sufficient financial buffer capacity to respond to industry fluctuations.

Although performance is expected to decline due to worsening supply and demand, the credit rating was raised based on the expectation that financial stability will be well maintained. The company recorded sales of 15.0589 trillion KRW, operating profit of 8.6867 trillion KRW, and net profit of 8.6701 trillion KRW in the first to third quarters of this year.