Yeosu Gwangyang Port Authority Achieves Corporate Credit Rating 'AAA' for 10 Consecutive Years

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Yeosu Gwangyang Port Authority (President Cha Min-sik, hereinafter referred to as the Authority) announced on the 23rd that it received the highest corporate credit rating of ‘AAA’ from NICE Credit Rating.

With this, since its launch in 2011, the Authority has consecutively obtained the highest corporate credit rating of AAA for 10 years from the three major domestic credit rating agencies (NICE Credit Rating, Korea Credit Rating, Korea Enterprise Rating).

Yeosu and Gwangyang Ports, managed and operated by the Authority, a state-owned enterprise established under the Port Authority Act, secured the market position as the second largest in total cargo volume and the largest in import-export cargo volume in Korea as of 2019.

Based on continuously increasing sales such as rental fees and port facility usage fees, the Authority recorded an operating profit margin of 15.3%, an EBITDA margin of 69.7%, and an interest coverage ratio of 1.93 times in 2019.

In particular, the debt ratio was 26.4%, which was analyzed to have received high evaluation for maintaining the highest level of financial soundness among public institutions.

Im Hyung-yoon, Head of the Finance and Accounting Department, said, “Although there are concerns about a decrease in cargo volume and sales due to the economic downturn caused by COVID-19 this year, we will make further efforts to strengthen financial stability through cost reduction, etc.”

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