Hankyung Rating Downgrades SK Innovation Credit Rating Outlook from 'Stable' to 'Negative'
[Asia Economy Reporter Hwang Yoon-joo] Korea Ratings announced on the 27th that it has downgraded the credit rating outlook of SK Innovation's unsecured bonds (AA+) from 'stable' to 'negative.'
Senior Researcher Song Soo-beom explained, "A large-scale operating loss occurred due to the sharp drop in oil prices and margin contraction across all produced products," adding, "Reflecting the deterioration in overall financial stability due to profitability decline and heavy investment burdens, and the expectation that the weakened financial structure will persist in the medium term."
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On the same day, Korea Ratings also downgraded the credit rating outlook of SK Incheon Petrochem's unsecured bonds (AA-) from 'stable' to 'negative.'
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