Financial Data

Credit Ratings

SK REIT obtained Korea’s highest rating, AA-,
though prime-level asset competitiveness located in key regions, synergy growth with major affiliates of SK Group, and the highly evaluated lease quality of triple-net master-lease agreements.

  • Stable
  • Stable
Evaluation Date Evaluation Target Credit Rating Evaluating Agency
September 27, 2023 Corporate Credit Ratings AA- NICE Investors Service
February 28, 2023 Corporate Credit Ratings AA- NICE Investors Service
June 21, 2022 Corporate Credit Ratings AA- NICE Investors Service
March 10, 2022 Corporate Credit Ratings AA- NICE Investors Service

NICE Investors Service

Type Local Credit Ratings Definition
Issuer
Credit Rating		 AAA Capacity for payment of financial commitments is exceptionally strong, and highly unlikely to be adversely affected by foreseeable changes in circumstances.
AA Capacity for payment of financial commitments is very strong, but somewhat less than AAA.
A Capacity for payment of financial commitments is strong, but somewhat vulnerable to adverse economic conditions or changes in circumstances.
BBB Capacity for payment of financial commitments is adequate, but more likely to be impaired by adverse economic conditions or changes in circumstances.
BB Capacity for payment of financial commitments may be moderate, but has speculative characteristics.
B Capacity for payment of financial commitments is weak and speculative, and its future stability is uncertain.
CCC Capacity for payment of financial commitments is subject to default risk, and as such possesses highly speculative characteristics.
CC Capacity for payment of financial commitments contains high possibility of default, and is more vulnerable to adverse economic conditions or changing circumstances than higher ratings.
C Capacity for payment of financial commitments contains extremely high possibility of default, with little chance of recovery.
D Payment default on financial commitments.
* The ratings from AA to CCC may be modified by the addition of a plus(+) or minus(-) sign to show relative standing within the major rating categories.

Korea Ratings

Type Local Credit Ratings Definition
Issuer
Credit Rating		 AAA Capacity for payment of financial commitments is exceptionally strong, and is so stable that it is unlikely to be affected by foreseeable future changes in circumstances.
AA Capacity for payment of short-term financial commitments is strong, but is more likely to be affected future changes in circumstances than the higher rating.
A Capacity for payment of financial commitments is strong, but is more likely to be affected by future changes in circumstances than the higher ratings.
BBB Capacity for payment of financial commitments is adequate, but it may be weakened depending on future changes in circumstances.
BB Minimum capacity for payment of financial commitments is recognized, but there are speculative characteristics in terms of future stability.
B Capacity for payment of financial commitments is insufficient, and is highly speculative due to potential changes to stability.
CCC There is high likelihood of default.
CC There is very high likelihood of default.
C There is extremely high likelihood of default, and occurrence of default is inevitable within the reasonable range of prediction.
D In default at present.
* The ratings from 'AA' to 'B' may be modified by the addition of a plus(+) or minus(-) sign to show relative standing within the major rating categories.
Evaluation Date Evaluation Target Credit Rating Evaluating Agency
January 26, 2024 2nd Non-Guaranteed Nonds AA- Korea Ratings Corporation
January 22, 2024 2nd Non-Guaranteed Nonds AA- NICE Investors Service
September 27, 2023 1st Non-Guaranteed Bonds AA- NICE Investors Service
September 23, 2022 1st Non-Guaranteed Bonds AA- Korea Ratings Corporation
September 23, 2022 1st Non-Guaranteed Bonds AA- NICE Investors Service
September 22, 2022 1st Non-Guaranteed Bonds AA- Korea Ratings Corporation

NICE Investors Service

Type Local Credit Ratings Definition
Long-term
Rating		 AAA Capacity for payment of financial commitments is exceptionally strong, and highly unlikely to be adversely affected by foreseeable changes in circumstances.
AA Capacity for payment of financial commitments is very strong, but somewhat less than AAA.
A Capacity for payment of financial commitments is strong, but somewhat vulnerable to adverse economic conditions or changes in circumstances.
BBB Capacity for payment of financial commitments is adequate, but more likely to be impaired by adverse economic conditions or changes in circumstances.
BB Capacity for payment of financial commitments may be moderate, but has speculative characteristics.
B Capacity for payment of financial commitments is weak and speculative, and its future stability is uncertain.
CCC Capacity for payment of financial commitments is subject to default risk, and as such possesses highly speculative characteristics.
CC Capacity for payment of financial commitments contains high possibility of default, and is more vulnerable to adverse economic conditions or changing circumstances than higher ratings.
C Capacity for payment of financial commitments contains extremely high possibility of default, with little chance of recovery.
D Payment default on financial commitments.
* The ratings from AA to CCC may be modified by the addition of a plus(+) or minus(-) sign to show relative standing within the major rating categories.

Korea Ratings

Type Local Credit Ratings Definition
Rating
of Bonds		 AAA Capacity for payment of financial commitments is exceptionally strong, and is so stable that it is unlikely to be affected by foreseeable future changes in circumstances.
AA Capacity for payment of short-term financial commitments is strong, but is more likely to be affected future changes in circumstances than the higher rating.
A Capacity for payment of financial commitments is strong, but is more likely to be affected by future changes in circumstances than the higher ratings.
BBB Capacity for payment of financial commitments is adequate, but it may be weakened depending on future changes in circumstances.
BB Minimum capacity for payment of financial commitments is recognized, but there are speculative characteristics in terms of future stability.
B Capacity for payment of financial commitments is insufficient, and is highly speculative due to potential changes to stability.
CCC There is high likelihood of default.
CC There is very high likelihood of default.
C There is extremely high likelihood of default, and occurrence of default is inevitable within the reasonable range of prediction.
D In default at present.
* The ratings from 'AA' to 'B' may be modified by the addition of a plus(+) or minus(-) sign to show relative standing within the major rating categories.
Evaluation Date Evaluation Target Credit Rating Evaluating Agency
March 29, 2024 Asset-backed Short-term Bonds A1 NICE Investors Service
March 29, 2024 Asset-backed Short-term Bonds A1 Korea Ratings Corporation
December 29, 2023 Asset-backed Short-term Bonds A1 NICE Investors Service
December 22, 2023 Asset-backed Short-term Bonds A1 Korea Ratings Corporation
September 27, 2023 Asset-backed Short-term Bonds A1 NICE Investors Service
September 27, 2023 Asset-backed Short-term Bonds A1 Korea Ratings Corporation
June 30, 2023 Asset-backed Short-term Bonds A1 NICE Investors Service
June 30, 2023 Asset-backed Short-term Bonds A1 NICE Investors Service
March 31, 2023 Asset-backed Short-term Bonds A1 NICE Investors Service
March 29, 2023 Asset-backed Short-term Bonds A1 Korea Ratings Corporation
March 7, 2023 Asset-backed Short-term Bonds A1 NICE Investors Service
March 3, 2023 Asset-backed Short-term Bonds A1 Korea Ratings Corporation
September 23, 2022 Asset-backed Short-term Bonds A1 NICE Investors Service
March 22, 2022 Asset-backed Short-term Bonds A1 Korea Ratings Corporation
June 21, 2022 Asset-backed Short-term Bonds A1 NICE Investors Service
June 3, 2022 Asset-backed Short-term Bonds A1 Korea Ratings Corporation

NICE Investors Service

Type Local Credit Ratings Definition
Short-term Rating A1 Capacity for payment of financial commitments is exceptionally strong, and highly unlikely to be adversely affected by foreseeable changes in circumstances.
A2 Capacity for payment of financial commitments is strong, but somewhat less than A1.
A3 Capacity for payment of financial commitments is adequate, but somewhat vulnerable to adverse economic conditions or changes in circumstances.
B Capacity for payment of financial commitments may be moderate, but has speculative characteristics.
C Capacity for payment of financial commitments is doubtful.
D In default at present.
* * The ratings from 'A2' to 'B' may be modified by the addition of a plus(+) or minus(-) sign to show relative standing within the major rating categories.

Korea Ratings

Type Local Credit Ratings Definition
Short-term Rating A1 Capacity for payment of short-term financial commitments is very strong, and is unlikely to be affected by foreseeable future changes in circumstances.
A2 Capacity for payment of short-term financial commitments is strong, but is more likely to be affected future changes in circumstances than the higher rating.
A3 Capacity for payment of short-term financial commitments is adequate, but it may be weakened depending on future changes in circumstances.
B Minimum capacity for payment of short-term financial commitments is recognized, but is speculative due to potential changes to stability.
C Capacity for payment of short-term financial commitments is doubtful and the likelihood of default is high.
D Payment default on financial commitments.
* The ratings from A2 to B may be modified by the addition of a plus(+) or minus(-) sign to show relative standing within the major rating categories.
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