Discussion Items
Outlook for Korean Corporate Ratings
· Ratings will be pressured by challenging external factors
· Divergent outlooks for electronic firms
· Problematic overseas projects test the long-term viability of large construction firms
Key Credit Issues in Asian Corporate Ratings:
· Notching – Can an operating company be rated higher than its holding company?
· Shareholder Support – What is the maximum uplift for a non-government-related issuer?
· Liquidity – Do uncommitted bank lines count and is there access to diverse funding?
· Covenant Analysis – What do covenant tests involve and how frequent are they?
· Illustrative Korean corporate case studies
Speakers
Gary Lau, Managing Director, Corporate Finance Group
Laura Acres, Senior Vice President
Chris Park, Vice President – Senior Credit Officer
Annalisa Di Chiara, Vice President – Senior Analyst
Yoshio Takahashi, Assistant Vice President – Analyst
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