S&P gives Korea National Oil notes AA

S&P said it assigned its AA long-term issue rating to the dollar-denominated senior unsecured notes Korea National Oil Corp. plans to issue.

“We equalize the issue rating on the proposed notes with the issuer credit rating on KNOC because we do not foresee any material structural or contractual subordination risks in the company's capital structure,” the agency said in a press release.

The company plans to use the proceeds for general corporate purposes, including the repayment of existing debt.

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