SEOUL, June 22 (AJP) - Hanwha Aerospace has received an A- credit rating from S&P Global Ratings, making it the first South Korean defense and aerospace company to reach that level.
An A- rating generally indicates a high level of financial stability and reliability and is held by major global defense contractors such as Lockheed Martin and BAE Systems.
Hanwha Aerospace expects the rating to help bolster its credibility and competitiveness in overseas bids by putting it on par with major global defense firms as it expands its business across defense, space and aviation.
The global ratings agency said South Korea's largest defense company's flagship weapons such as the K9 self-propelled howitzer and the Chunmoo multiple rocket launcher are expected to capitalize on continued growth in the global defense market.
It also highlighted growing exports to Europe and the Middle East, fast delivery capability, and improved profitability, as well as a record order backlog of approximately 37 trillion won as of the end of last year.
Kim Cheol-hong, the company's chief financial officer (CFO), said the rating is a key factor in building trust in future negotiations with overseas investors. "We will continue to strengthen our global competitiveness," he said.
According to Hanwha Aerospace, its cumulative order backlog of ground weaponry stood at 39.70 trillion won as of the first quarter of this year including a 2024 contract with Poland for an additional 72 Chunmoos and a contract with Romania to supply K9 howitzers.
An A- rating generally indicates a high level of financial stability and reliability and is held by major global defense contractors such as Lockheed Martin and BAE Systems.
Hanwha Aerospace expects the rating to help bolster its credibility and competitiveness in overseas bids by putting it on par with major global defense firms as it expands its business across defense, space and aviation.
The global ratings agency said South Korea's largest defense company's flagship weapons such as the K9 self-propelled howitzer and the Chunmoo multiple rocket launcher are expected to capitalize on continued growth in the global defense market.
It also highlighted growing exports to Europe and the Middle East, fast delivery capability, and improved profitability, as well as a record order backlog of approximately 37 trillion won as of the end of last year.
Kim Cheol-hong, the company's chief financial officer (CFO), said the rating is a key factor in building trust in future negotiations with overseas investors. "We will continue to strengthen our global competitiveness," he said.
According to Hanwha Aerospace, its cumulative order backlog of ground weaponry stood at 39.70 trillion won as of the first quarter of this year including a 2024 contract with Poland for an additional 72 Chunmoos and a contract with Romania to supply K9 howitzers.
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