We equalize our long-term issuer credit rating on the wholly government-owned Incheon International Airport Corp. (IIAC) with that on Korea because we assess an almost certain likelihood of extraordinary government support to the company when needed. Operational stress amid the COVID-19 pandemic will continue to weigh on IIAC's traffic volume and revenue growth in 2021. However, we expect the company's profitability to gradually recover after 2021 and reach pre-pandemic levels by 2024. We are assigning our 'AA' long-term issuer credit rating to IIAC. The stable outlook reflects that on the sovereign credit rating on Korea. Meanwhile, the company has delivered strong profitability, driven by the efficient operation of its commercial business. In particular, IIAC is globally competitive in the duty-free
