Moody's: SK Energy unchanged

Moody's Investors Service said that SK Energy Co. Ltd.'s planned corporate reorganization has no immediate effect on the company's Baa3 senior unsecured rating.

Over the longer term, SK Energy's ultimate ownership in its key operating subsidiaries and debt structure within the group will be important rating drivers, Moody's said.

The company recently announced plans to spin off its refining and chemical businesses into two separate subsidiaries by Jan. 1, 2011.

The spinoff does not immediately impact the holding company's control over the strategies and cash flow of these two major earnings contributors, as the subsidiaries would likely be wholly owned by SK Energy initially, the agency said.

Over the longer term, however, any further plans for a partial sell-down or initial public offering could affect its access to the resources of the subsidiaries, which may impact its credit profile, Moody's added.

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