JTBC Defaults on 20.6 Billion Won Loans, Cut to CCC as JoongAng Risks Spread

1 articles · Updated · Bloomberg · Jun 13

NICE Investors Service cut JTBC’s long-term rating to CCC and its short-term rating to C after the broadcaster missed 20.6 billion won ($13.6 million) in securitized loan payments due Friday.
The default sharply worsened JTBC’s liquidity position, with NICE warning of higher refinancing risk on the company’s other securitized borrowings and corporate bonds.
NICE also placed JTBC on review for a further downgrade, signaling the missed payments could lead to additional pressure on its funding access.
The downgrade has already triggered a series of rating cuts across JoongAng Group, extending the credit strain from the broadcaster to the wider media conglomerate.