The international credit rating agency S&P Global Ratings has diagnosed that SK Telecom's SIM card information leak incident may lead to a decline in performance and an increase in leverage.
According to the finance investment industry on the 5th, S&P released a report the previous day and analyzed that “SK Telecom will be somewhat negatively affected in terms of revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) due to compensation for damages and a decrease in subscribers.” Regarding the financial impact of the leak incident, S&P noted that it is somewhat fluid but stated, “Considering the capacity to maintain a solid credit rating, the financial impact is judged to be manageable at this point.” It added, “This may change depending on future investigation results and the scale of damages.”
S&P also pointed out that, under the current administrative guidance of the Ministry of Science and ICT, SK Telecom has suspended recruiting new subscribers at its own and agency-operated stores, stating, “There is still a situation where reputation and operational risks, which could lead to additional subscriber attrition, further government sanctions, or an expansion of compensation for damages, are ongoing.”
S&P adjusted its estimate of the borrowing fund ratio against EBITDA for 2025 to 2026 reflected in SK Telecom's basic scenario from the previous 1.7 to 1.8 times to about 2.0 times. The condition for a downgrade is 2.5 times.