[여천NCC 사태] 중동 프리미엄도 비껴갔다…구조적 한계 여전

Yeochen NCC's credit downgrade from A- to BBB+ exposes fundamental weaknesses in upstream-focused petrochemical business models that cannot benefit from geopolitical premiums when feedstock and product prices rise in tandem. The company's apparent cash flow improvement masks deteriorating operational fundamentals, as gains stem from working capital reductions rather than improved profitability, signaling persistent structural challenges.