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Weeks of irresponsibility concerning Taeyoung Engineering & Construction, the troubled affiliate of Taeyoung Group, is bringing into question the group’s ownership of SBS, a local broadcaster and the group’s most lucrative affiliate, according to market watchers Sunday.
Three local ratings agencies are coming under heavy criticism for slashing credit ratings for Taeyoung Engineering and Construction, only hours after the troubled builder filed for debt workout, on Dec. 28 of last year. They are Moody's Investors Service-affiliated Korea Investors Service, Korea Ratings and NICE Investors Service.
Taeyoung Engineering & Construction filed for corporate debt restructuring, prompted by a failed payment of 48 billion won ($37 million) on a project financing debt due Thursday. ...