S&P gives KNOC notes AA

S&P said it assigned its AA long-term issue rating to the dollar-denominated senior notes issued by Korea National Oil Corp. (KNOC; AA/stable).

The issuer plans to use the proceeds to refinance its debt obligations.

“We rate KNOC's senior unsecured notes the same as the issuer credit rating on the company because we do not view KNOC's capital structure as representing any material risks, such as structural or contractual subordination,” the agency said in a news release.

“The company's priority debt ratio is about 27%, lower than our notching threshold.”

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