S&P pulls E-Mart from watch

S&P said it removed E-Mart Inc.’s ratings from CreditWatch with negative implication where they were placed on June 28. The agency also affirmed the company’s BBB- issuer rating with a negative outlook.

S&P cited E-Mart’s progress on asset sales as the reason for the watch removal. The company sold assets that secured KRW 1.1 trillion in 2019, KRW 900 billion in 2020 and KRW 1.9 trillion to-date in 2021 and still has sizable unencumbered real estate assets.

“The negative outlook mainly reflects our view of the company's increased investment appetite that could negatively affect a recovery in credit metrics during 2022-2023,” S&P said in a press release.

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