S&P revises SK E&S outlook to stable

S&P said it revised its outlook for SK E&S Co. Ltd. to stable from negative and affirmed its BBB- long-term issuer rating.

“SK E&S' revenue and EBITDA beat our expectations in 2022, increasing 44% and 76%, respectively. This reflected benefits from price volatility in its LNG sales business and a spike in the electricity selling price or the system marginal price (SMP) in its power generation business. The benefits offset lower electricity generation due to a fire incident at the U.S. Freeport liquefaction terminal in June 2022,” the agency said in a press release.

“The outlook revision reflects our view that SK E&S' operating performances are improving. Although the company maintains an aggressive financial policy with continued high capital spending, improved earnings since last year underpin our expectation of sustained credit improvements in 2023-2024,” S&P said.

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