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Ratings agency downgrades major shipping companies and shipyard

[THE INVESTOR] Korea Investors Service, one of the big three rating agencies here, downgraded the credit ratings of Hanjin Shipping, Hyundai Merchant Marine and Daewoo Shipbuilding & 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. 

By Ahn Sung-mi (