KIS Credit Monitor 2009.11.23 04 05
New Issuer(A) Withdrawal(B) (A-B) 1998 86 32 118 8 24 32 78 8 86 72.9% 27.1% 25.0% 75.0% 90.7% 9.3% 1999 72 52 124 22 20 42 50 32 82 58.1% 41.9% 52.4% 47.6% 61.0% 39.0% 2000 17 15 32 13 28 41 4-13 -9 53.1% 46.9% 31.7% 68.3% 44.4% -144.4% 2001 33 53 86 34 29 63-1 24 23 38.4% 61.6% 54.0% 46.0% -4.3% 104.3% 2002 32 16 48 35 54 89-3 -38-41 66.7% 33.3% 39.3% 60.7% -7.3% -92.7% 2003 24 9 33 21 38 59 3-29 -26 72.7% 27.3% 35.6% 64.4% 11.5% -111.5% 2004 48 7 55 29 21 50 19-14 5 87.3% 12.7% 58.0% 42.0% 380.0% -280.0% 2005 41 10 51 23 18 41 18-8 10 80.4% 19.6% 56.1% 43.9% 180.0% -80.0% 2006 22 7 29 15 3 18 7 4 11 75.9% 24.1% 83.3% 16.7% 63.6% 36.4% 2007 36 41 77 27 11 38 9 30 39 46.8% 53.2% 71.8% 28.2% 21.1% 78.9% 2008 39 20 59 25 12 37 14 8 22 66.1% 33.9% 67.6% 32.4% 63.6% 36.4% 2008 24 18 42 24 9 33 0 9 9 (3Q) 57.1% 42.9% 72.7% 27.3% 0.0% 100.0% 2009 38 9 47 15 16 31 23-7 16 (3Q) 80.9% 19.1% 48.4% 51.6% 143.8% -43.8% 488 271 759 267 274 541 221-3 218 64.3% 35.7% 49.4% 50.6% 101.4% -1.4%
KIS Credit Monitor 2009.11.23 06 07 Down/Up Ratio( ) Rating Drift Rating Action 227 21 0 0.00 9.3% 9.3% 2008 1~3 56 1 15 15.00-25.0% 28.6% 283 22 15 0.68 2.5% 13.1% 236 21 6 0.29 6.4% 11.4% 2009 1~3 67 4 23 5.8-28.4% 40.3% 303 25 29 1.16-1.3% 17.8% 2008 4 231 20 20 1.00 0.0% 17.3% ~ 63 4 22 5.55-28.6% 41.3% 2009 3 294 24 42 1.75-6.1% 22.4% 220 51 5 0.10 20.9% 25.5% 2007 25 2 3 1.50-4.0% 20.0% 245 53 8 0.15 18.4% 24.9% 227 22 19 0.86 1.3% 18.1% 2008 56 1 14 14.00-23.2% 26.8% 283 23 33 1.43-3.5% 19.8%
KIS Credit Monitor 2009.11.23 08 09
KIS Credit Monitor 2009.11.23 10 11
Down/Up Ratio( ) Rating Drift Rating Action 110 12 8 0.67 3.6% 18.2% 2008 1~3 123 8 7 0.88 0.8% 12.2% 50 2 0 0.00 4.0% 4.0% 107 12 13 1.08-0.9% 23.4% 2009 1~3 138 11 14 1.27-2.2% 18.1% 58 2 2 1.00 0.0% 6.9% 93 20 7 0.35 14.0% 29.0% 2007 106 16 1 0.06 14.2% 16.0% 46 17 0 0.00 37.0% 37.0% 110 12 11 0.92 0.9% 20.9% 2008 123 9 22 2.44-10.6% 25.2% 50 2 0-4.0% 4.0%
KIS Credit Monitor 2009.11.23 12 13 % % % % 2002 7 7.87 80 89.89 2 2.25 0 0.00 89 2003 17 7.80 188 86.24 13 5.96 0 0.00 218 2004 11 5.07 200 92.17 6 2.76 0 0.00 217 2005 5 2.14 225 96.15 3 1.28 1 0.43 234 2006 13 5.49 221 93.25 2 0.84 1 0.42 237 2007 10 3.60 267 96.04 1 0.36 0 0.00 278 2008 8 2.72 275 93.54 11 3.74 0 0.00 294 2008.3Q 11 3.86 270 94.74 4 1.40 0 0.00 285 2009.3Q 5 1.61 291 93.87 13 4.19 1 0.32 310 76 4.05 1,748 93.13 50 2.66 3 0.16 1,877
% % % 1998 1 3.13 8 25.00 23 71.88 32 1999 11 55.00 3 15.00 6 30.00 20 2000 5 38.46 6 46.15 2 15.38 13 2001 1 7.69 11 84.62 1 7.69 13 2002 0 0.00 8 72.73 3 27.27 11 2003 3 21.43 3 21.43 8 57.14 14 2004 0 0.00 6 46.15 7 53.85 13 2005 1 14.29 5 71.43 1 14.29 7 2006 4 28.57 5 35.71 5 35.71 14 2007 4 28.57 7 50.00 3 21.43 14 2008 0 0.00 2 20.00 8 80.00 10 2008.3Q 0 0.00 1 20.00 4 80.00 5 2009.3Q 0 0.00 2 22.22 7 77.78 9 30 17.65 66 38.82 74 43.53 170
KIS Credit Monitor 2009.11.23 14 15
KIS Credit Monitor 2009.11.23 16 17 Up Down Holding Total Down/Up R/A R/D 1998 2 35 13 57 17.50 64.91-57.89 1999 26 24 63 131 0.92 38.17 1.53 2000 35 10 115 173 0.29 26.01 14.45 2001 42 11 90 176 0.26 30.11 17.61 2002 28 11 100 170 0.39 22.94 10.00 2003 30 15 104 169 0.50 26.63 8.88 2004 25 10 107 171 0.40 20.47 8.77 2005 41 5 124 193 0.12 23.83 18.65 2006 42 7 149 213 0.17 23.00 16.43 2007 51 5 137 220 0.10 25.45 20.91 2008 22 19 161 227 0.86 18.10 1.30 2008.1~3Q 21 0 182 227 0.00 9.25 9.25 2009.1~3Q 21 6 194 236 0.29 11.40 6.36 Up Down Holding Total Down/Up R/A R/D 1998 5 26 5 47 5.20 65.96-44.68 1999 13 6 26 59 0.46 32.20 11.86 2000 20 8 52 99 0.40 28.28 12.12 2001 6 15 46 87 2.50 24.14-10.34 2002 13 24 37 116 1.85 31.90-9.48 2003 8 12 25 76 1.50 26.32-5.26 2004 6 10 18 48 1.67 33.33-8.33 2005 2 1 12 31 0.50 9.68 3.23 2006 3 1 15 21 0.33 19.05 9.52 2007 2 3 9 25 1.50 20.00-4.00 2008 1 14 29 56 14.00 26.80-23.20 2008.1~3Q 1 15 31 56 15.00 28.57-25.00 2009.1~3Q 4 23 24 67 5 75 40.30-28.36 Up Down Holding Total Down/Up R/A R/D 1998 7 61 18 104 8.71 65.38-51.92 1999 39 30 89 190 0.77 36.32 4.74 2000 55 18 167 272 0.33 26.84 13.60 2001 48 26 136 263 0.54 28.14 8.37 2002 41 35 137 286 0.85 26.57 2.10 2003 38 27 129 245 0.71 26.53 4.49 2004 31 20 125 219 0.65 23.29 5.02 2005 43 6 136 224 0.14 21.88 16.52 2006 45 8 164 234 0.18 22.65 15.81 2007 53 8 146 245 0.15 24.90 18.37 2008 23 33 190 283 1.43 19.80-3.50 2008.1~3Q 22 15 213 283 0.68 13.07 2.47 2009.1~3Q 25 29 218 303 1.16 17.82-1.32
Fallen Angel F/A Rising Star R/S 1998 57 5 8.8% 47 1 2.1% 1999 131 11 8.4% 59 3 5.1% 2000 173 4 2.3% 99 3 3.0% 2001 176 6 3.4% 87 1 1.1% 2002 170 3 1.8% 116 5 4.3% 2003 169 3 1.8% 76 2 2.6% 2004 171 2 1.2% 48 5 10.4% 2005 193 0 0.0% 31 2 6.5% 2006 213 3 1.4% 21 3 14.3% 2007 220 1 0.5% 25 0 0.0% 2008 227 8 3.5% 56 0 0.0% 2009.1~3Q 236 1 0.4% 67 0 0.0% LRC LRC LRC LRC LRC LRC ( ) ( ) ( ) ( ) ( ) 2 0 35(35) 4(4) 4(4) 0.00 11.43(11.43) 7.02(7.02) 1998 5 1 17(26) 13(21) 14(22) 20.00 76.47(80.77) 29.79(46.81) 7 1 52(61) 17(25) 18(26) 14.29 32.69(40.98) 17.31(25.00) 26 0 24(24) 8(8) 8(8) 0.00 33.33(33.33) 6.11(6.11) 1999 13 3 4(6) 1(3) 4(6) 23.08 25.00(50.00) 6.78(10.17) 39 3 28(30) 9(11) 12(14) 7.69 32.14(36.67) 6.32(7.37) 35 1 10(10) 1(1) 2(2) 2.86 10.00(10.00) 1.16(1.16) 2000 20 0 4(8) 0(3) 0(3) 0.00 0.00(37.50) 0.00(3.03) 55 1 14(18) 1(4) 2(5) 1.82 7.14(22.22) 0.74(1.84) 42 0 11(11) 2(2) 2(2) 0.00 18.18(18.18) 1.14(1.14) 2001 6 1 10(15) 2(6) 3(7) 16.67 20.00(40.00) 3.45(8.05) 48 1 21(26) 4(8) 5(9) 2.08 19.05(30.77) 1.90(3.42) 28 0 11(11) 0(0) 0(0) 0.00 0.00(0.00) 0.00(0.00) 2002 13 1 17(24) 2(9) 3(10) 7.69 11.76(37.50) 2.59(8.62) 41 1 28(35) 2(9) 3(10) 2.44 7.14(25.71) 1.05(3.50) 30 0 15(15) 2(2) 2(2) 0.00 13.33(13.33) 1.18(1.18) 2003 8 0 10(12) 3(5) 3(5) 0.00 30.00(41.67) 3.95(6.58) 38 0 25(27) 5(7) 5(7) 0.00 20.00(25.93) 2.04(2.86) 25 0 10(10) 0(0) 0(0) 0.00 0.00(0.00) 0.00(0.00) 2004 6 1 5(10) 0(5) 1(6) 16.67 0.00(50.00) 2.08(12.50) 31 1 15(20) 0(5) 1(6) 3.23 0.00(25.00) 0.46(2.74) 41 0 5(5) 0(0) 0(0) 0.00 0.00(0.00) 0.00(0.00) 2005 2 0 1(1) 0(0) 0(0) 0.00 0.00(0.00) 0.00(0.00) 43 0 6(6) 0(0) 0(0) 0.00 0.00(0.00) 0.00(0.00) 42 0 7(7) 2(2) 2(2) 0.00 28.57(28.57) 0.94(0.94) 2006 3 1 1(1) 0(0) 1(1) 33.33 0.00(0.00) 4.76(4.76) 45 1 8(8) 2(2) 3(3) 2.22 25.00(25.00) 1.28(1.28)
KIS Credit Monitor 2009.11.23 18 19 LRC LRC LRC LRC LRC LRC ( ) ( ) ( ) ( ) ( ) 51 0 5(5) 0(0) 0(0) 0.00 0.00(0.00) 0.00(0.00) 2007 2 0 3(3) 1(1) 1(1) 0.00 33.33(33.33) 4.00(4.00) 53 0 8(8) 1(1) 1(1) 0.00 12.50(12.50) 0.41(0.41) 22 0 18(19) 0(1) 0(1) 0.00 0.00(5.26) 0.00(0.44) 2008 1 0 10(14) 3(7) 3(7) 0.00 30.00(50.00) 5.36(12.50) 23 0 28(33) 3(8) 3(8) 0.00 10.71(24.24) 1.06(2.83) 21 0 6(6) 1(1) 1(1) 0.00 16.67(16.67) 0.42(0.42) 2009 4 0 18(23) 4(9) 4(9) 0.00 22.22(39.13) 5.97(13.43) 1~3Q 25 0 24(29) 5(10) 5(10) 0.00 20.83(34.48) 1.65(3.30) 21 4 15 3 7 0 9 20 9 10 10 0 2009 Down/Up Ratio( ) 0.43 5.00 0.60 3.33 1.43-1~3 Rating Drift 5.0% -25.0% 4.5% -15.9% -3.1% 0.0% Rating Action 12.6% 37.5% 18.0% 29.5% 17.7% 0.0% ( ) 239 64 133 44 96 30 22 0 18 1 2 1 4 11 8 6 1 0 2008 Down/Up Ratio( ) 0.18-0.44 6.00 0.50 0.00 1~3 Rating Drift 7.9% -20.4% 7.4% -11.6% 1.2% 4.8% Rating Action 11.4% 20.4% 19.1% 16.3% 3.6% 4.8% ( ) 229 54 136 43 83 21 23 0 19 1 2 1 21 12 22 5 6 0 2008 Down/Up Ratio( ) 0.91-1.16 5.00 3.00 0.00 Rating Drift 0.9% -22.2% -2.2% -9.3% -4.7% 4.8% Rating Action 19.2% 22.2% 30.6% 14.0% 9.4% 4.8% ( ) 229 54 134 43 85 21 51 2 34 5 13 1 7 1 5 1 2 0 2007 Down/Up Ratio( ) 0.14 0.50 0.15 0.20 0.15 - Rating Drift 20.1% 3.8% 23.0% 21.1% 13.1% 6.3% Rating Action 26.5% 11.5% 31.0% 31.6% 17.9% 6.3% ( ) 219 26 126 19 84 16
2009.01.01 2009.09.30 Outlook Outlook CJ AA- AA A- A F&B A- A A- A BBB BBB+ SK A A+,,, SK A A+ SK GS A A+ GS A+ AA- SK BB BB+,,, AA- AA LG A+ AA-,, LG B B+ A- A LG AA AA+,,, LG LG AA- AA, LG LG A A+,,, LG LG AA- AA LG A+ AA-,,, B- B,,, A+ AA-, LG B B+,,, GS A+ AA- GS A+ AA- A+ AA-,, LG
KIS Credit Monitor 2009.11.23 20 21 2009.01.01 2009.09.30 Outlook Outlook A+ A 1) B- D, BB D B- CCC, BHK CCC D B C, NCC A A-,,, B CCC B- C A- BBB+, 2) CCC D BBB- CCC B+ CCC, BB- D BB+ CCC B B-, B- CCC B B-, CCC C, BB- B+, CCC C BB BB- BBB+ BBB,,, 2) CCC C B- CCC BB- B+ 2) CCC C,, AA AA- BB- B+
2009.01.01 2009.09.30 Outlook Outlook AA AA BBB BBB SK A A+ SK A- A-,,, BBB+ BBB+ B B-, BBB+ BBB+ BBB- BBB- BBB- BBB- A- A- A- A- B CCC B- C B+ CCC, A-, A+ A+ B- CCC BB- B+ C, 2009.01.01 2009.09.30 Watch Outlook