South Korea’s credit appraisers slashed ratings on corporate bonds floated by local builders and shipping firms last year, data showed Friday, apparently due to the protracted slump in the industries.

Among 22 firms which suffered credit downgrades in 2012 by the Korea Investors Service Inc., construction companies and shippers accounted for eight, or 36 percent of the total, industry data showed.

The KIS slashed ratings on local builders including Samwhan Corp., Doosan Engineering & Construction Co., and Ssangyong Engineering Co., as well as on shipping firms such as STX Pan Ocean Co. and Hanjin Shipping Co. (Yonhap News)