Incheon Airport Corporation Obtains Moody's Credit Rating 'Aa2' and S&P 'AA'

[Asia Economy Reporter Dongwoo Lee] Incheon International Airport Corporation announced on the 22nd that it has obtained final international credit ratings of Aa2 (Moody's) and AA (S&P) in the first-ever international credit rating evaluation since its establishment.

Since October last year, the corporation has been conducting international credit rating evaluations through the international credit rating agencies Moody's and S&P. The final credit ratings obtained by the corporation, Aa2 from Moody's and AA from S&P, indicate a stable investment grade and are at the same level as the credit rating of the Korean government.

Despite the decrease in air travel demand and revenue caused by the spread of COVID-19, Incheon International Airport Corporation's standalone credit ratings were evaluated as Baa1 (Moody's) and BBB+ (S&P), achieving the highest international credit ratings among domestic public enterprises.

Incheon International Airport Corporation stated, "In a situation where the credit ratings of major overseas airports are being downgraded due to the impact of COVID-19, the fact that the corporation was able to obtain high credit ratings is interpreted as a result of credit rating agencies highly valuing Incheon Airport's national policy role and importance."

In particular, despite the recent large-scale losses caused by the spread of COVID-19, it appears that the solid financial structure from successful operations so far and the potential for profitability recovery after COVID-19 were positively evaluated.

Meanwhile, with the acquisition of this international credit rating, the corporation's various investment fund procurements and international activities such as overseas projects are expected to become much smoother. Currently, the corporation is reviewing the issuance of overseas bonds, including ESG bonds, which are gaining attention in overseas bond markets such as Europe.

An official from Incheon International Airport Corporation said, "Incheon Airport is striving to leap forward as a global airport specialized company through successful airport operations, overseas expansion, and surrounding development," adding, "We are also actively investing in facility expansion, advanced technology, and eco-friendliness in preparation for recovery from COVID-19."

He added, "Since the corporation's credit rating has been recognized as a national level and the highest level among domestic public enterprises, it is expected that the procurement of investment funds through overseas activities and bond issuance of Incheon Airport, which will be in full swing in the future, will become even easier."

This content was produced with the assistance of AI translation services.