Nice Credit Rating announced on the 14th that financial stability is inevitable due to the selection of the preferred contract for the acquisition of Asiana Airlines by HDC Hyundai Development Development Consortium.
NICE Shinpyeong said: "This is considering the prospect of increasing the company's financial burden when the acquisition of Asiana Airlines is confirmed and the capital payment and massive capital increase." In the case of HDC production, business diversification and commercial risk diversification Some exist, but the financial burden should increase as financial capacity is reduced. "
"Asiana Airlines' total acquisition and capital increase is about 2.5 trillion won and HDC will be burdened by about 2 trillion won." Given flexibility, we believe the financial burden of the acquisition will be able to cope, but as financial capacity decreases, financial stability will inevitably be reduced compared to the current level of financial structure after the acquisition. "
The long-term A + / Stable and stable and short-term credit ratings were A + ↓ and A2 + ↓, respectively.
On the other hand, Nice Shinpyeong has placed Asiana Airlines' short and long term credit ratings on target for upward revision. NICE Shinpyeong said: "It is considering that the company's financial structure should improve with a large increase in paid-in capital and the positive impact is expected in the future in terms of its affiliates' carrying capacity." If so, confidence in the capital market will be restored and funding through the capital market will be smooth. "
Asiana Airlines' long-term credit rating was BBB- ↓, but as the BBB- ↑ (upward revision) rating target was increased, the possibility of upgrading to BBB increased. The short-term credit rating changed from A3- ↓ to A3- ↑.
On the other hand, Nice Shinpyeong said investments in Mirae Asset Daewoo are unlikely to deteriorate. NICE Shinpyeong said: "We believe the burden will be reduced considering the value of the capital investment in Asiana, which will be guaranteed by Mirae Asset Daewoo as an investment and the possibility of recouping investment funds in the trading process."
A Nice Shin-Shin representative told media SR on March 15: "The credit rating fluctuation is not yet confirmed, but it is a sign that there is a high probability of rising or falling based on the information provided so far. " I think we should look at and evaluate Asiana Airlines development governance.
NICE Shinpyeong plans to evaluate each company's final credit rating following the conclusion of HDC's acquisition of Asiana Airlines.
As such, the industry's negative ratings continue and HDC's shares, as well as holdings, are declining shortly after the announcement of the preferred bidder. HDC output closed at 28,500 won, down 5.47% on day 14, and HDC closed at 11,100 won, down 5.53%, to the 52-week low.
By Kim Sa-min, Team Reporter firstname.lastname@example.org
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