Hyundai Engineering new “A+” Credit Rating
Korea Service Investor recently upgraded the Hyundai Engineering Co Ltd’s credit rating from “A” to “A+” within 6 month period. The new levelled up rating of Hyundai Engineering outlook as “Stable” is also an effect of the merger between the Hyundai Motors and Hyundai Engineering along with its continuing growth and expansion in the overseas projects.
Hyundai Engineering is founded in 1974 as Hyundai Technology Development Co., Ltd which merged with Halla Engineering Co., Ltd in 1980 and changed its name as Hyundai Engineering Co. Ltd in March 1982. The continues emerging of Hyundai Engineering Co., Ltd in the Design, Construction and Engineering in the overseas market strengthens is capability and popularity to compete globally after the ENR ranked them at top Design firm in the world.
Hyundai Engineering Co., Ltd (HEC) merged with Hyundai Engineering & Construction Co., Ltd (HDEC) in 1999 but separated as an independent entity in 2001.
Started in 2005, based on actual balance of 200 billion won of Hyundai Engineering, it dramatically increased to 4.1888 trillion won last year.
The merger of Hyundai Motor Group and Hyundai Engineering give a better impact of the company as expected to have stable governance, good financial stability and due to strong overseas order for Oil drilling, power plant and infrastructure projects, credit rating agency are convinced that it’s time to level up its credit rating.