공사비·PF·미분양 겹친 건설업, 핵심 변수는 '유동성 대응'

Korea's construction industry faces a confluence of challenges—elevated construction costs, stricter PF regulations, and accumulated unsold inventory—that are eroding cash flows and threatening debt servicing capacity. Credit rating agencies are pivoting to assess liquidity management and debt recovery capabilities as the primary risk factors, indicating a structural shift in how financial health is evaluated. This reorientation suggests that construction companies' survival will depend more on operational efficiency and financial discipline than on project volume.