Incheon Airport Corporation, S&P Independent Credit Rating Upgraded to 'BBB+'

Maintaining Final Credit Rating AA

Incheon International Airport Corporation announced on the 18th that it maintained its final credit rating of AA in the international credit rating evaluation by Standard & Poor's (S&P) and upgraded its standalone credit rating by one notch to BBB+.

The corporation maintained its final credit rating of AA in this evaluation. AA is the same level as the Republic of Korea government and signifies a "stable investment grade." The standalone credit rating reflects the company's creditworthiness excluding the possibility of government support. It was upgraded by one notch from the previous BBB rating to BBB+, the highest level among domestic public enterprises.

Incheon International Airport Panorama

Since 2021, the corporation has conducted international credit rating evaluations through S&P. In the previous evaluation, it obtained a final credit rating of AA and a standalone credit rating of BBB.

The corporation analyzed that the recent recovery in air travel demand, improvement in operating performance, and debt reduction plans positively influenced the credit rating upgrade.

Lee Hak-jae, President of Incheon International Airport Corporation, said, "This international credit rating upgrade is a result of high recognition for Incheon Airport's achievements in overcoming the COVID-19 crisis, including the normalization of airport operations, financial soundness, and strengthening future competitiveness." He added, "We plan to continue providing flawless airport services and make company-wide efforts to strengthen financial soundness, thereby becoming a trusted public enterprise for the people."

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