Hanwha Aerospace earns S&P 'A-' credit rating, a first for Korea's defense industry

Hanwha Aerospace announced Monday that it has received an A- credit rating from S&P Global, marking the first time a South Korean defense and aerospace company has obtained a rating from a major international credit agency.

An A- rating from S&P signals more than basic investment-grade standing — it designates a company as a safe and reliable investment target. Among global defense firms holding the same rating are Lockheed Martin and BAE Systems. S&P also assigned a stable outlook to Hanwha Aerospace alongside the rating.

S&P assessed Hanwha Aerospace as South Korea's largest defense company and projected that its core weapons systems — including the K9 self-propelled howitzer and the Chunmoo multiple-launch precision guided missile system — stand to benefit as the global defense market continues to grow. The agency cited expanding weapons exports centered on Europe and the Middle East, rapid supply capabilities, and compatibility with NATO standards as key competitive strengths.

In addition, S&P noted that Hanwha Aerospace plays a critical role in South Korea's national security and forecast stable sales growth and improving profitability on the back of a record-high order backlog of around 37 trillion won (about $24.1 billion) as of end-2025.

The rating opens new avenues for Hanwha Aerospace to raise capital in overseas markets.

"Securing a strong global credit rating is a key factor in building trust during investment discussions with foreign governments and local partners," said Kim Cheol-hong, chief financial officer of Hanwha Aerospace. "We will use this S&P rating as a foundation to strengthen our global competitiveness across defense, space and aviation."