The number of South Korean companies that experienced credit rating cuts reached a 11-year high in the first half of this year, mainly due to a protracted economic slump and sluggish demand, industry data showed Monday.
According to the data compiled by the Korea Ratings Corp., 32 large companies with ratings of at least BBB-, the lowest investment grade, saw their scores decline in the first six months of the year, compared with 21 firms whose credit ratings were downgraded a year earlier.