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Financial Information & Results

Credit rating status

Evaluation year Credit rating Credit rating agency
2023 AA(Stable) Korean Ratings
Korea Investors Service
2022 AA(Stable) Korean Ratings
Korea Investors Service
2021 AA(Stable) Korean Ratings
Korea Investors Service
2020 AA(Stable) Korean Ratings
Korea Investors Service
2019 AA(Stable) Korean Ratings
Korea Investors Service

Definition of the domestic credit rating

The credit ratings of corporate bonds are classified into 10 grades, ranging from AAA to D, depending on the ability to pay principal and interest. Among the grades, AAA to BBB are investment grades that are approved for their ability to repay principal and interest, while BB to C are classified as speculative grades that are significantly affected by environmental changes.

Rating Definition
AAA The party has the best ability to repay principal and interest.
AA The party has the outstanding ability to repay principal and interest, but its grade is somewhat inferior to AAA bonds.
A Although the party has the good ability to repay principal and interest, its grade is more susceptible to economic conditions and environmental deterioration than the higher grades.
BBB Although the party has the satisfactory ability to repay principal and interest, but its ability to repay principle and interest deteriorate and fall due to economic conditions and environmental changes.
BB The party lacks the ability to repay principal and interest, and it is uncertain whether it will be able to pay interest during a recession
CCC The party carries the factors of uncertainty for the payment of principal and interest, and since it holds a high risk to default on its obligations, it is highly speculative.
CC The party carries the factors of uncertainly that is greater than the higher grades.
C The party carries the high risk to default on its obligations and holds no ability to repay principal and interest.
D The party is insolvent.
Evaluation year Credit rating Credit rating agency
2023
Baa2(Stable) Moody’s
2022 BBB(stable) S&P
Baa2(Stable) Moody’s
2021 BBB(stable) S&P
Baa2(Stable) Moody’s
2020 BBB(stable) S&P
Baa2(Stable) Moody’s
2019 BBB(stable) S&P
Baa2(Stable) Moody’s
2018 BBB(stable) S&P
Baa2(Stable) Moody’s
2017 BBB(stable) S&P
Baa2(Stable) Moody’s

Definition of the overseas credit rating

A credit rating is designed to measure an obligee's ability to repay principal to an obligor in the future. Moody's has 9 ratings from Aaa to C, while S&P has 10 ratings from AAA to D. Among the ratings, Moody's considers grades Aaa to Baa as investment grades, and the grade Ba and lower are considered to be the non-investment grade, while, under the S&P standards, AAA to BBB are considered as investment grades, whereas BB or lower is considered as non-investment grade. Even after a credit rating is given, credit rating agencies continuously observe companies subject to rating, adjust the rating from time to time and present future prospects. If the current rating is likely to rise in the future, a “positive” sign is added to the rating, while if the rating is likely to stay unaltered and to fall, “stable” and “negative” signs will, respectively, be attached to the end of each rating.

S&P Moody’s Definition
AAA Aaa The highest level of stability and it has the ability to repay principal and interest regardless of the circumstances
AA+, AA, AA- Aa1, Aa2, Aa3 It is less stable than the highest rating, but it basically has no problem.
A+, A, A- A1, A2, A3 A high level of stability, and it has no problem to repay principal and interest, but still carries the factors that may deteriorate the circumstances.
BBB+, BBB, BBB- Baa1, Baa2, Baa3 It has no problem with the current stability and profitability, but caution is required during a recession.
BB+, BB, BB- Ba1, Ba2, Ba3 It is speculative and future stability cannot be guaranteed.
B+, B, B- B1, B2, B3 It is unqualified as an investment target, and it carries uncertainty as to the payment of principal and interest, and the preservation of contract terms.
CCC or lower Caa or lower It is possible to default on the payment of principal and interest.

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