SK Discovery Issues 160 Billion Won in Bonds… Maintains A+ Rating, Financial Burden Continues

SK Discovery Co., Ltd. issues unsecured bonds: Series 197-1 (KRW 50 billion, 2-year, 3.686%) and Series 197-2 (KRW 110 billion, 3-year, 4.009%) on February 2, 2026
Credit rating: A+ (Stable) by Korean Ratings, Korea Investors Service, NICE Investors Service
All proceeds (KRW 160 billion) used for debt redemption (Series 194-3: KRW 75 billion, Series 195: KRW 100 billion)
Consolidated debt ratio at end of Q3 2025: 134.4%, debt-to-assets ratio: 44.2% (upward trend)
Separate debt ratio: 79.7%, debt-to-assets ratio: 40.1% (Q3 2025)
PRS (Price Return Swap) contract on 7,268,287 remaining shares of SK Ecoplant poses future price volatility risk
Uncertainty due to performance fluctuations of major subsidiaries (SK Gas, SK Chemicals) and large-scale investment plans
Multiple lawsuits involving consolidated subsidiaries (contingent liability risk)

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