S&P Global Ratings assigned South Korean defense contractor and shipbuilder Hanwha Aerospace (KRX:012450) a long-term issuer credit rating of A- with a stable outlook, according to a Monday release.

The stable outlook reflects the rating agency's expectation that the company's strong order backlog will drive steady revenue and EBITDA growth over the next two years. In addition, the firm's strong ties with the South Korean government keep it in a strong position to likely receive extraordinary government support ahead.

Hanwha Aerospace's combined domestic and export land systems order backlog increased to 37.2 trillion won in 2025 from 19.9 trillion won in 2022. The order backlog in 2025 is equivalent to about 4.6 years of revenue, according to the S&P Global release.