롯데건설, PF 우발채무 축소 불구 유동성 압박 여전

While Lotte Construction's reported PF exposure has declined nominally, the company's absolute guarantee size remains elevated compared to industry peers amid broader deleveraging efforts, signaling persistent liquidity pressure. Reliance on subordinated bonds and receivables securitization are temporary measures; without fundamental operational cash flow recovery and business profitability improvement, these funding tactics merely delay inevitable asset quality deterioration.