With the rating move, KIS said Doosan Group’s core units such as Doosan Bobcat Co.and Doosan Enerbility Co.are enhancing the group’s financial strength with stable results after its court-led restructuring was completed.“After Korean Air Lines Co., previously considered a BBB-rated bond market leader, was upgraded to the A-level, Doosan Group's corporate bonds are emerging its alternative," said a debt capital market official at a leading Korean brokerage company.“Other Doosan Group units such as Doosan Robotics and Doosan Tesna are likely to jump in the bond market.”By Hyun-Ju Jangblacksea@hankyung.
Doosan Co.is poised to raise up to 80 billion won ($58 million) in bond sales this week following its credit rating upgrade as the holding company of energy and machinery-focused Doosan Group is emerging as a darling in South Korea’s BBB-rated bond market.
Thanks to strong demand particularly from high-yield funds chasing BBB-rated corporate bonds, two other Doosan Group units -- power plant builder Doosan Enerbility Co.and Doosan Fuel Cell Co.-- have sold new debts to raise a combined 178 billion won this year at lower coupon rates than expected.
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