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JTBC's credit rating has been downgraded after failing to repay securitized debt amounting to 20.6 billion won on time.

JTBC issued a statement on the 12th, announcing, "A default situation has occurred today on some of our debt."

NICE Investors Service downgraded JTBC's unsecured bond credit rating from 'BBB/Negative' to 'CCC' on the same day.

The short-term credit ratings for commercial paper (CP) and electronic short-term bonds were also lowered from 'A3' to 'C'.

This rating adjustment is due to JTBC's failure to repay the principal and interest of its securitized debt on time.

NICE Investors Service noted that JTBC's liquidity risk has significantly increased as it defaulted on the repayment of securitized debt totaling 20.6 billion won, including 5.6 billion won for Mir Jay Cha and 15 billion won for Jeil TVC Jay Cha on this day.

Korea Investors Service also downgraded its previous rating from 'BBB (Negative)' to 'BB (Under Review for Negative)' and its commercial paper and electronic short-term bond ratings from 'A3' to 'B (Under Review for Negative)', stating, "The possibility of financial risk contagion within the group has expanded, and uncertainty in terms of liquidity has increased."

In response, JTBC explained, "External conditions have worsened, with the TV broadcasting advertising market significantly shrinking due to the rapid changes in the media environment, centered around digital and over-the-top (OTT) services."

It added, "We will do our utmost to resolve this situation as quickly as possible with a responsible attitude, by mobilizing all available internal and external measures."

Broadcasting content production and airing, including news and major sports broadcasts, will operate normally.