SEOUL, KOREA - Korea Ratings, one of Korea's leading credit rating agencies, announced on June 7 that it has downgraded the credit rating on STX Pan Ocean's non-guaranteed bonds and corporate bonds each to D.
The latest credit rating downgrades came after STX Pan Ocean filed for court receivership on June 7. The previous crediting rating for STX Pan Ocean's non-guaranteed bonds and corporate bonds were B-, respectively.
As for the reason behind the downgrading, Korea Ratings said that this action is based on its policy of downgrading the credit rating of those who file for court receivership automatically to D.
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