Lotte Rental Obtains Moody's Investment Grade Rating

Lotte Rental announced on the 26th that it received an investment-grade rating of Baa3 from the overseas credit rating agency Moody's. This is the first time in the domestic rental industry. Moody's is considered one of the world's top three credit rating agencies, along with Standard & Poor's (S&P) and Fitch. The company explained that it was positively evaluated for having the largest domestic sales network and excellent management performance. The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was 1.3791 trillion KRW last year. The interest coverage ratio was 2.2 times, indicating strong financial soundness. Moody's Baa3 rating is the same as that of Tesla in the U.S. and SK Innovation in Korea. According to domestic credit rating agencies, this corresponds to a level between AA+ and AA-. With this credit rating, the company expects to be able to lower its borrowing costs.