[Edaily Marketin Reporter LEE GEON-EOM ] NICEHoldings announced on the 29th that it has maintained the credit rating of DOOSAN(000150)’s unsecured bonds at ‘BBB+’ and upgraded the rating outlook from ‘Stable’ to ‘Positive.’ The key factors behind the upgrade in the rating outlook are the significant improvement in the profitability of its core electronics business and the easing of the holding company’s support burden due to the restored financial stability of its main subsidiary.

DOOSAN is seeing a steady increase in royalty revenue received from major affiliates, such as DOOSAN ENERBILITY and Doosan Bobcat, which are posting solid financial results.

In addition, its in-house electronics division secured new sales channels in 2024, leading to a sharp increase in revenue and operating profit starting in 2025. In fact, the standalone operating profit margin—a key indicator for DOOSAN’s rating upgrade review—reached 18.6% last year, meeting the criteria for an upward revision.

Lee Young-kyu, a senior researcher at NICE Ratings, analyzed, “Based on its strong competitive position in the global copper-clad laminate (CCL) market, the company secured high-quality new customers, leading to a significant increase in sales of high-margin products.” He added, “Although there is a slight risk of over-reliance on specific product groups and individual customers, the noticeable improvement in the company’s overall profit-generating capacity, driven by sales of high-margin products in the short term, has had a positive impact.”

A clear trend of financial restructuring, driven by the improved soundness of core subsidiaries and asset sales, is also notable. As of the end of March this year, DOOSAN’s standalone debt-to-equity ratio stood at 89.3%, and its total debt-to-EBITDA ratio was 4.7x, indicating that the company maintains generally sound financial stability. In particular, the sale of its stake in Doosan Robotics during the first quarter of this year generated a large cash inflow, which in turn reduced the company’s net debt.

Senior Researcher Lee stated, “As the overall business environment of DOOSAN ENERBILITY, a core subsidiary, has improved and its creditworthiness has risen accordingly, the direct and indirect financial support risks that the holding company must bear have been significantly reduced,” he explained. “In addition, by securing substantial cash liquidity through the sale of equity stakes, the company has built a solid foundation to respond to financial volatility that may arise during investments in new businesses or diversification efforts within the group.”

However, the large-scale merger and acquisition (M&A) deal currently underway—for which DOOSAN has been selected as the preferred bidder—is considered a key variable for its future creditworthiness. DOOSAN was selected as the preferred bidder for the sale of its stake in SK Siltron last December, but the signing of the definitive agreement has been delayed, leaving the transaction size and schedule undetermined.

Regarding this, Senior Researcher Lee stated, “If the acquisition of SK Siltron—which possesses excellent competitiveness in the semiconductor wafer sector—is finalized, we expect clear synergies, such as the completion of an integrated semiconductor value chain within the group and the expansion of a broad revenue base for the electronics business division.” However, he added, “Since this will entail a massive capital outlay far exceeding the company’s current cash and cash equivalents, an increase in short- to medium-term debt burden is inevitable.”

He added, “We plan to comprehensively evaluate the specific progress of the deal—including the signing of the definitive agreement—and the resulting level of financial burden, and reflect these factors in the credit rating.”