- NEXEN Tire, 2-level advancement to grade ‘A’ for business credit rating
- Expected to raise stable fund in the future
The business credit rating of NEXEN Tire (CEO Yi, Hyeon-bong - www.nexentire.com) was advanced by 2 levels to grade ‘A.’ In this extent, the rate is expected to be stable.
Korea Ratings Corporation announced on the 22nd, “The business credit rating was raised 2 levels from BBB+ to ‘A’ by considering the improved market status, brand awareness, excellent sales profit, and income-generating capacity of NEXEN Tire.”
The operating profit to sales ratio in NEXEN Tire was 16.8% last year, which was the highest level among the world tire companies while recording a great achievement with the increased sales of 28% compared to the achievement realized in the previous year. For the first time since its establishment, NEXEN Tire expects the sales of more than 1 trillion won this year and sales profit of 100 billion won.
Korea Ratings Corporation said, “NEXEN Tire has consistently grown in the local and international market based on the continuous capacity expansion and business structure reconstruction, focusing on the high value-added tires. As the OE supply was recently expanded up to middle and large-scale vehicles, it is expected to draw more favorable response in the market.”
NEXEN Tire emphasized, "The credit rating of the business is to assess the overall timely solvency of a business’ financial liabilities, thus, the 2-level advancement assessed by Korea Ratings Corporation this time was the reflection of the excellent increase in the external scope and financial stability of NEXEN Tire.”
Currently, NEXEN Tire is constructing the 2nd factory in Changnyeong, Gyeongnam for the production of super-high performance and environment-friendly tires on the land with a total area of 500 thousand m2.