...April 21, 2021 HONG KONG (S&P Global Ratings) April 21, 2021--S&P Global Ratings today assigned its '##' long-term issue rating to a proposed issuance of U.S. dollar-denominated senior unsecured green bonds by Incheon International Airport Corp. (IIAC; ##/Stable/--). The Korea-based company plans to use the proceeds for environmental corporate purposes, including investments in renewable energy infrastructure and eco-friendly transportation. The rating on the bonds is subject to our review of the final issuance documentation. We equalize the issue rating on the proposed bonds with the issuer credit rating on IIAC because we do not foresee any material structural or contractual subordination risks in the company's capital structure. As of Dec. 31, 2020, IIAC's capital structure consisted of about Korean won (KRW) 2.6 trillion of unsecured debt at the parent level and about KRW127 billion of debt issued by its subsidiaries. The company's priority debt ratio is about 5%, below our notching-down...
