Hankyung Credit Rating, Taeyoung Construction Unsecured Bonds Downgraded from CCC to C Grade

Extension of Bond Repayment Maturity by 3 Years

Korea Ratings downgraded the credit rating of Taeyoung Construction's unsecured bonds from 'CCC' to 'C' on the 14th.

[Image source=Yonhap News]

Korea Ratings explained, "This decision was made reflecting the approval of the bond restructuring agenda at the company's bondholders' meeting on the 11th."

Currently, Taeyoung Construction is undergoing a workout (corporate financial restructuring). At this meeting, proposals to extend the bond repayment maturity by 3 years and to raise the coupon rate from 2.59% to 3% were approved.