The Korea Specialty Contractors Financial Cooperative said on the 2nd that it received an international credit rating of "A+" from Standard & Poor's in the global rating agency's assessment of its financial strength to pay claims. The outlook is stable.
The cooperative became the first construction-related mutual aid fund in South Korea to win an "A+" rating from S&P last year, and has now held the strong rating for a second straight year. The rating reflects solid capital adequacy, business stability grounded in a legal framework and the cooperative's policy role within the construction industry.
S&P said the cooperative is expected to continue posting sound profitability on the strength of its firm position in South Korea's construction guarantee market and its competitiveness specialized in the specialty construction sector. It added that diversified investment returns give the cooperative a foundation to maintain robust capital adequacy even amid uncertainty in the construction market.
Moody's raised the cooperative's international credit rating to "A2" with a stable outlook in April, and Fitch affirmed its international rating at "A+" in June.
Lee Eun-jae, chairman of the Korea Specialty Contractors Financial Cooperative, said the rating affirmation reflects international recognition of the cooperative's capital adequacy and its important role in the construction industry. "We will maintain a sound financial structure through thorough risk management and fulfill our role as South Korea's leading construction finance institution," the chairman said.
