S&P rates Korea National Oil notes AA

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

“We rate the senior unsecured notes the same as the long-term issuer credit rating on KNOC. This is because we do not foresee any material structural or contractual subordination risks in the company's capital structure,” S&P said in a press release.

The company plans to use the proceeds for general corporate purposes, including refinancing debt obligations.

The outlook is stable.

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