Nice Credit Ratings said on the 27th that the short-term impact of the Hanwha Group acquisition on Daewoo Shipbuilding & Marine Engineering’s credit rating would be limited.
Nice Shinpyeong said, “Daewoo Shipbuilding is expected to have positive effects such as stabilizing its governance structure and improving financial stability through Hanwha Group’s capital increase. In the short term, the effect of reducing loans is not expected to be significant, considering the financial requirements such as other factors .”
In addition, “Daewoo Shipbuilding & Marine Engineering has continued to suffer huge net losses after 2021, and its actual financial stability is judged to be inferior as 2.3 trillion of its total earned capital includes new capital guarantees,” it added .
In addition, the rating agency said, “If the Hanwha Group acquires Daewoo Shipbuilding, which has a relatively high credit risk, the business and financial weight of the group will occupy a level that is not small,” it looked forward.
If the investment deal goes as planned, Hanwha Group will hold a 2 trillion won rights offering to Daewoo Shipbuilding and secure a 49.3% stake in management rights.
Among the Hanwha affiliates participating in the capital increase are Hanwha Aerospace (won 1 trillion), Hanwha Systems (won 500 billion), Hanwha Impact Partners (won 400 billion), and three subsidiaries of Hanwha Energy (won 100 billion).