S&P Global Ratings expects SK Telecom's (KRX:017670) purchase of a remaining 24.8% ownership in SK Broadband to have a narrow negative effect on the former's credit profile.
The 1.1 trillion South Korean won transaction will have a modest financial impact on the acquiror, with a moderate rise in debt offset by strong cash flow generation, lower capital expenditure, and reduced dividend outflow, S&P said.
The rating agency sees SK Telecom's operating performance to remain stable, with annual EBITDA to hit 5.6 trillion won in 2024 and 2025.
The company's adjusted debt-to-EBITDA ratio will also improve to 1.8x in 2025, well below the downside threshold of 2.5x.
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