A string of upgrades for Korean debt issuers in line with improving earnings bode well for the companies rushing to borrow before interest rates move higher and the stagnant debt market.

According to data compiled by Korea Investment & Securities Co. on Tuesday, 20 out of 24 with adjustments in credit ratings and their outlook by local institutions gained upgrades so far.

Brokerage houses have seen most upgrades in rating or outlook as they benefited from retail stock fad. Hyundai Motor Securities’ debt status for one was upgraded to AA-.

Last year, 22 out of 325 rated debt issuers were downgraded, doubling 11 upgrades.

GS Engineering & Construction, Daewoo Engineering & Construction, and LG Display also have seen upgrades due to improved earnings and business outlook.

By Ahn Gab-seong and Lee Soo-min

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