Naver Corp.'s expansion into the AI data center business should deliver increased revenue and profit. At the same time, it entails sizable investment needs and operational risks and volatility. We expect the Korea-based internet company to expand its data center capacity in a measured and phased way to manage associated financial and business risks. We include Brookfield Asset Management’s capital injection into GPU-owning Asset Co. (AC) in our adjusted debt. This is given the contractual payment arrangements between Naver Cloud and AC, which are guaranteed by Naver. These arrangements ultimately support stable distributions to Brookfield. We affirmed our'A-'long-term issuer credit rating on Naver. We also affirmed the'A-'long-term issue ratings on the company's senior unsecured notes. The
