JTBC, Credit Rating Downgraded Due to Failure to Repay Borrowings
JTBC credit rating downgraded, delayed repayment of 20.6 billion won in securitized borrowings is the cause Check JTBC's response as principal and interest payment default and liquidity risk grow
JTBC’s credit rating was downgraded after it failed to repay its 20.6 billion won securitized borrowing on time.
On the 12th, NICE Investors Service lowered JTBC’s unsecured bond rating from the previous ‘BBB/Negative’ to ‘CCC,’ and also downgraded its commercial paper and electronic shortterm bond ratings. Korea Ratings also lowered JTBC’s unsecured bond and shortterm ratings.
The rating agencies explained that the recent default on principal and interest repayments increased liquidity risk. JTBC stated that it would resolve the situation promptly.