Nice Credit Review Seminar… Structural burden continues in major manufacturing industries such as petrochemicals and secondary batteries
(Seoul = Yonhap News) Reporter Kang Su-ji = As polarization in the real estate sales market deepens, it has been diagnosed that the construction industry's delay in recovering construction payments is becoming a structural problem.
Nice Credit Rating held the '2026 Credit Seminar' at the Korea Exchange in Yeouido on the 16th and examined the credit risks of major real industries such as construction, petrochemicals, and secondary batteries.
At the seminar on this day, Nice Ratings cited the burden of working capital as a key risk in the construction industry. As the number of unsold units and unoccupied units increases, it is analyzed that the company has fallen into a state of 'structural delay in recovery of funds' that goes beyond the temporary lag between investment and recovery of funds.
The housing market is showing signs of extreme polarization, with inventory being absorbed only in Seoul and adjacent core areas. Through regional risk analysis targeting 204 administrative districts across the country, Nice Shinpyeong classified Busan, Gwangju, and Jeju as high-risk groups, and Incheon, Daegu, Daejeon, Ulsan, South Chungcheong, and Gangwon as medium-risk groups.
In particular, mid-sized and small-sized construction companies with credit ratings of A or BBB or below were assessed to have a relatively low possibility of collecting outstanding receivables due to their high risk exposure to these high-risk regions.
Senior Researcher Junseong Kwon said, "Short-term delayed bonds in low-risk regions will be resolved over time, but bonds in high-risk regions that have been in place for more than 12 months after completion are highly likely to be recognized as loan losses. As structural polarization and cash flow risks continue, we expect credit ratings to be differentiated depending on the financial capacity to withstand them."
Major manufacturing industries also faced downward structural pressure.
Petrochemical performance rebounded in the first half of the year due to temporary factors such as supply disruptions from the Middle East, but fundamental burdens such as global oversupply and high dependence on exports remained.
Senior researcher Kim Seo-yeon judged that “it will be possible to alleviate the decline in credit rating only when actual integration effects are realized and profitability is improved, rather than through structural reform itself.”
In the secondary battery industry, the trend of switching major products in the global market from the existing high nickel ternary to LFP (lithium iron phosphate) was cited as a risk factor. The existence of China, which dominates the battery supply chain based on its strong cost competitiveness, was pointed out as a potential risk to domestic companies.
Senior researcher Lee Young-gyu said, “The problem is whether we can secure a stable operation rate as new facilities must be built in a situation where the operation rate of existing facilities is low.” He added, “To solve the operation rate issue, we need a way to reduce the burden in the short term by diversifying the portfolio with LFP, etc.”
