Hankyung Credit Rating, Homeplus ABSTB Additional Unpaid Amount Also Downgraded to Credit Rating D

Unable to Repay 11.76 Billion KRW ABSTB at Maturity

Korea Ratings announced on the 11th that it has downgraded the credit rating of Homeplus's asset-backed short-term electronic bonds (ABSTB) from 'C' to 'D' due to non-repayment.

This concerns the ABSTB issued by the special purpose company (SPC) SY Plus J Cha from December last year to February this year, amounting to 28.02 billion KRW. SY Plus J Cha failed to repay the 11.76 billion KRW '22-1st ABSTB' issued on December 10 last year, which matured on the 10th.

Additionally, Korea Ratings judged that the ABSTB issued on January 10 and February 10 this year, amounting to 6.4 billion KRW and 9.86 billion KRW respectively, are also likely to default, and downgraded their ratings accordingly.

Korea Ratings explained, "Considering comprehensively the downgrade of Homeplus, the card payment debtor's credit rating to 'D', we are downgrading the ABSTB credit rating to 'D'."

Previously, on the 6th, Korea Ratings had adjusted the credit rating of the 373.9 billion KRW ABSTB issued by SPC SY Plus Jeil Cha from December last year to the 25th of last month from 'C' to 'D'.