[Edaily Marketin KIM YEON-SEO Reporter] Korea Ratings Corporation has upgraded the credit rating outlook for LS and LS Cable to “positive.” This decision is based on the assessment that profitability will improve as sales of high-value-added products increase amid continued favorable industry conditions driven by expanding global electricity demand.

On the 29th, Korea Ratings announced that it would maintain LS Cable’s unsecured corporate bond credit rating at ‘A+’ and change the rating outlook from ‘Stable’ to ‘Positive.’ Accordingly, the credit rating outlook for LS (A+) was also upgraded to ‘Positive.’

Korea Ratings assessed that LS Cable’s revenue is growing rapidly, driven by the expansion of Chonbang markets and an increasing share of high-value-added products. In fact, LS Cable recorded consolidated revenue of 7.6 trillion won in 2025, driven by increased sales of high-value-added product lines—such as ultra-high-voltage power lines and subsea cables—primarily in overseas markets, coupled with strong performance from subsidiaries like GAONCABLE. This marks an all-time high.

The order backlog has also improved significantly. LS Cable’s consolidated order backlog expanded from 2.7 trillion won at the end of 2021 to 8.5 trillion won as of the end of March 2026. Analysts note that the order backlog has improved both quantitatively and qualitatively, driven by increased investment in power infrastructure and rising demand for submarine cables.

Korea Ratings projected that LS Cable’s profit-generating capacity would be further strengthened based on favorable market conditions and the expansion of its order backlog. The analysis suggests that profitability can improve as order volumes centered on high-value-added products are fully reflected in sales, and cost pressures are smoothly incorporated into selling prices.

Lee Ye-chan, a researcher at HanKiPyeong, stated, “Amid a favorable demand environment, the smooth incorporation of selling prices is expected to offset cost pressures, while the volume of orders centered on high-value-added products is reflected in sales, leading to a significant improvement in profit-generating capacity compared to previous levels.”