Moody's Downgrades SK Innovation Credit Rating to 'Baa2'
[Asia Economy Reporter Changhwan Lee] International credit rating agency Moody's announced on the 6th that it has downgraded the corporate credit ratings of SK Innovation and SK Jonghap Chemical by one notch from 'Baa1' to 'Baa2', respectively.
Moody's explained, "SK Innovation's financial condition significantly deteriorated last year, and it is expected to be difficult to recover meaningfully over the next 12 to 18 months."
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It added, "Considering that SK Innovation holds 100% of SK Jonghap Chemical's shares and that the two companies maintain a close relationship in terms of business, we have downgraded SK Jonghap Chemical's credit rating."
This content was produced with the assistance of AI translation services.
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