...April 9, 2026 HONG KONG (S&P Global Ratings) April 9, 2026--S&P Global Ratings today assigned its '##' long- term issue rating to U.S. dollar-denominated senior unsecured notes that Incheon International Airport Corp. (IIAC; ##/Stable/--) plans to issue. The company intends to use the proceeds for general corporate purposes, including refinancing debt obligations. The rating on the notes is subject to our review of final documentation. We rate the senior unsecured notes the same as the long-term 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, 2025, IIAC's capital structure included about Korean won (KRW) 5.9 trillion of unsecured debt at the parent and about KRW127 billion of debt at its subsidiaries. The company's priority debt ratio is about 2%, well below our 50% threshold to notch down the rating. We equalize our rating on IIAC with the sovereign credit ratings on Korea...
