NICE revised the rating from "A-" in 2022, citing Taihan Cable's business stability from a diverse product range, consistent revenue growth, stable operating profitability and significantly improved financial stability.
The rating assessment considers a company's overall business profitability and debt repayment capability to gauge its external trustworthiness.
Taihan said the appraisal reflected its improved business and financial conditions since it was integrated into Hoban Group in 2021.
NICE's report noted that Taihan has maintained its market position through decades of experience and operational efficiency.
The report further mentioned the company is expanding its product range to include 500-kilovolt submarine cables, and is increasing orders from power authorities and utility companies across the U.S., Europe and the Middle East.
Taihan's net borrowings significantly decreased from 456.7 billion won in 2021 to 399.5 billion won as of the end of March. Its debt ratio stood at 79.2 percent with a net debt-to-assets ratio of minus 15.5 percent.
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