Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Hanwha Aerospace receives A- issuer credit rating from S&P
Hanwha Aerospace's Chunmoo rocket launcher / Courtesy of Hanwha Aerospace
By Lee Min-hyung
Hanwha Aerospace said Monday that it has received a long-term issuer credit rating of A- with a stable outlook from S&P Global Ratings, marking its first rating from a global credit assessment agency and strengthening its access to international capital markets.
The company is the first Korean defense and aerospace firm to receive a global credit rating.
The investment-grade rating places Hanwha Aerospace in the same category as major global defense companies and is expected to facilitate direct fundraising in overseas debt markets.
In its assessment, S&P cited the company's competitive defense platforms, including the K9 self-propelled howitzer and Chunmoo multiple rocket launcher system, which are well-positioned to benefit from rising global defense spending.
The ratings agency also highlighted Hanwha Aerospace's expanding weapons exports, particularly to Europe and the Middle East, as well as its ability to rapidly fulfill orders.
S&P noted the company's strategic importance to Korea's national security and its record order backlog of approximately 37 trillion won ($24 billion) at the end of 2025. The agency said the backlog should support stable revenue growth and improving profitability in the coming years.
The rating follows Hanwha Aerospace's record 2025 performance, with consolidated revenue of 26.7 trillion won and operating profit of 3.09 trillion won, driven by strong defense growth and the consolidation of its shipbuilding business.
Hanwha Aerospace said it plans to leverage the rating to enhance its credibility with global investors and strengthen funding capabilities as it expands its presence in international defense markets.
“This rating, on a level comparable to the world’s leading defense companies, will help secure trust in discussions with foreign governments and in local investment talks," said Kim Cheol-hong, chief financial officer of Hanwha Aerospace.
"Building on it, we will strengthen our global competitiveness across space and aviation as well as defense.”