• Received its highest credit rating, Baa1, from Moody’s
• Growth continues from last month’s S&P rating
• “Product of the historical high in management results and the expectations of a strong performance in the future”
status in the global credit market is at a record high.
On 6th, SK
Innovation revealed that it had received a Baa1 rating from Moody’s Corporation
(Moody’s), a global credit rating agency. Baa1, SK Innovation’s highest credit rating,
represents a step-up from its previous Baa2 rating. Moody’s also gave SK
Innovation a “stable” forecast for its new credit rating.
This achievement is
the second one for SK Innovation, following the BBB+ rating given by Standard
& Poor’s Financial Services (S&P)
two weeks ago. With this triumph, SK Innovation has joined the ranks of top Korean
energy companies in terms of global credit ratings.
According to SK
Innovation, it attained this rating because of its record-high performance last
year in the wake of its long-term industrial restructuring and innovation, which
focused on chemicals, lubricants, petroleum development, batteries, and
information and electronics material businesses. The successful restructuring
rewarded the company with the highest operating profit in its history, which is
KRW 3.2286 trillion, of which KRW 2 trillion was obtained from its nonpetroleum
SK Innovation also
pointed to the robust prospect of its financial strength in the future as a
powerful factor in its market confidence. Having reduced its loan payables by
nearly KRW 6 trillion in only two years, SK Innovation has greatly improved its
ability to weather the sudden changes in the market in the recent years.
evaluation of two major credit agencies in the world, S&P and Moody’s, is
also notable because these decisions wered on a comprehensiveuation
of SK Innovation and its business, profit, and financial structure.
“The recent improvements
in credit ratings serve as powerful opportunities for us to build a financial
basis of our goal of achieving a KRW 30 trillion net worth in 2018,” said an SK
Innovation representative. “We will continue to work toward our two goals,
namely, industrial innovation through aggressive investments and stability enhancement
through improvements in our profit and financial structures, to pave the road
toward becoming a global leader in the energy and chemical industry,” the