12 (1) - 석유화학

Industry Credit Outlook
2010

2
02) 368-5527
sbsong@korearatings.com
Summary
. 2009
. 2008 ,
. , 2009

. , 2
3 .
2010 . 2010
.
, 2009
.
.
,
.
2009 .
, 2008
2009
. , LG NCC
.
2010 .
,
,
. , 2010 ,
. ,
,
.
www.korearatings.com
I. 2009
, 2
2009

2009 . 2008
,
.
, 2009 (6 ) 4
.
,
. 2008 2009 800
, ()
. 2009
3 (, , )
20% 40% .

$/MT
2,000
LDPE
PP
PVC
SM
EG
1,500
1,000
500
2001
2002
2003
2004
2005
2006
2007
2008
3Q
2Q
1Q
4Q
2Q
3Q
1Q
4Q
3Q
1Q
2Q
4Q
3Q
2Q
4Q
1Q
3Q
2Q
1Q
3Q
4Q
2Q
1Q
4Q
2Q
3Q
1Q
4Q
3Q
1Q
2Q
4Q
3Q
2Q
1Q
0
2009
2009

2009 2008 4
. ,
, (Petro-Rabigh, SPEC)
.
$/MT
1,000
EG
SM
LDPE
PP
PVC
800
600
400
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
200
2001
2002
2003
2004
2005
2006
2007
2008
2009
) , EBN,
2009

2005
,
. 2008

, 2009
. , 2 3
.
/
(%)
25.0
20.0
15.0
15.6
13.7
12.4
11.8
11.2
11.1
10.2
10.0
9.5
7.2
8.1
7.5
5.0
7.2
3.8
0.9
0.0
96
97
98
99
00
01
02
03
04
05
06
07
08
09.09
-5.0
) : LG(1996~2007), , , (2005~2008), NCC, ,

: , , ,
)
II. 2010
, 2010

2010~2011
2010

2010
.
, 2009

.
2011
. 2009
715 ( 390 , ( ) 325
) , 2010 700
. 2006~2011
56% .
22% ,
2006 8.5% 2011 22% .
2009 ,
2009
, 2009
.

) CMAI

2010~2011
,
. CMAI
2008~2010 3
10 . 2008 87%
2009~2011 82~85% ,
2010~2011 .
.
,

. ,
,
. ,

.
III.
2009 ,
2010

,
2005~2006 .
, 2008 2009
. ,
2009 LG NCC
.
2010

2010 ,
.

.
,
. ,
,
.
[ ]
LG
NCC
2007
AA/
A1
2008
AA/
A1
AA-/
A1
AA-/
A1
AA-/
A1
AA-/
A1
A/
A2
A/
A2
A/
A2
A/
A2/
A2
BBB/
A3
BBB-/
A3-
A2BBB/
A3
BBB-/
A3-
) 1.
2. 2009 12 14
3. 2009 1 1
2009
AA+/
A1
AA/
AA-/
A1
A+/(ICR)
A1
A-/
A2A/
A2
A2BBB/
A3
A3-
LG 2009 7 AA+ . LG

, IT
2007 PVCABS2
, .
LCD
.
2009 1 1
AA .
, NCC
, , PC MMA
,
.
2009 5 (ICR) A+ .
PET
, PXTPAPET Resin PET
, PET PIA 1 , TPA 3
. , 2005
A1 .
NCC 2009 6 / A- A2- .
, Pipe-Line
,
, 2008
2,700
. ,

.
TPA , PX ,
, TPA
2008 2 1 Notch . , 2009 PX
TPA
, .
IV. Credit Issue
,

. 2008
. 2009 ,
.
2008 ,
.
,
.

.
, , 3
.

.
2008~2009
. ,
,
. ,
.
Copyright
FAX:
Copyright 2001:
2001: Korea
Korea Ratings.
Ratings.
26-4
26-4
:: 368-5500
368-5500
FAX: 368-5599.
368-5599.

,
, (
( ),
),
.
.

,
,

,
, ,
,

, .

.
.

.
.
KR
KR 2003-077,
2003-077, 2004-01-01
2004-01-01

12 (1) - 석유화학

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Industry Credit Outlook

Industry Credit Outlook

Industry Credit Outlook

) : LG(1996~2007), , , (2005~2008), NCC, ,

Industry Credit Outlook

Industry Credit Outlook

Industry Credit Outlook

Industry Credit Outlook

Industry Credit Outlook

IV. Credit Issue

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