S&P lowers SK Innovation view to negative

S&P said it revised the outlook on SK Innovation Co. Ltd. to negative from stable.

The agency also said it affirmed the company's BBB+ long-term issuer credit rating and BBB+ issue rating on its senior unsecured notes.

S&P also revised the outlook on core subsidiary SK Global Chemical Co. Ltd. to negative from stable.

The agency also said it affirmed the company's BBB+ long-term issuer credit rating.

S&P said it revised the outlook reflect a view that the company's credit metrics are weaker than expectations due to its aggressive financial policy amid a volatile oil refining market.

The company spent 1.9 trillion in Korean won on shareholder returns, including share buyback and dividends in 2018, the agency said.

S&P said it expects a sharp decline in crude oil price and refining margins during the fourth quarter of 2018 to have negatively affected the company's overall 2018 earnings trends.

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