Moody’s cuts SK Innovation, SK Global

Moody's Investors Service said it downgraded SK Innovation Co., Ltd.’s (SKI) issuer and senior unsecured ratings, SK Global Chemical Co., Ltd.’s (SKGC) issuer rating and SK Global Chemical Investment Hong Kong Ltd.’s senior unsecured rating to Baa3 from Baa2.

The outlooks are stable.

"SKI's ratings downgrade reflects our view that the company's debt metrics will not recover materially over the next 12-18 months from the very weak levels seen in 2014, given the persistently weak margins in its key businesses, and higher levels of debt," Moody's vice president and senior analyst Mic Kang said in a news release.

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