Korea Investors Service, one of the big three rating agencies here, downgraded the credit ratings of Hanjin Shipping, Hyundai Merchant Marine and Daewoo Shipbuilding and Marine Engineering on June 20.

The agency lowered DSME from BB+ to BB, with its rating outlook also remaining negative.

HMM received a downgrade from A+ to A, citing its continuous deficit, while Hanjin Shipping, struggling container operator who recently sought creditor-led restructuring to avoid bankruptcy, also faced a downgrade from B- to CCC.

Earlier, two other agencies Korea Ratings and NICE Investors Service also lowered their credit assessment of the three major companies.

Source: Hellenic Shipping News