Fitch lifts SK Innovation view to stable

Fitch Ratings said it affirmed the long-term issuer default ratings on SK Innovation Co., Ltd. and its subsidiary SK Global Chemical Co., Ltd. at BBB.

The outlook also revised to stable from negative.

Both companies’ senior unsecured debt ratings were affirmed at BBB and SK Innovation's short-term issuer default rating was affirmed at F3.

The outlook revision considers the strong operating and financial performance of SK Innovation and SK Global in 2015, which was the result of robust refining margins and petrochemical spreads offsetting the sharp decline in oil prices, Fitch said.

The stable outlook also considers the debt reduction by the companies, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.