S&P gives AA to Korea National Oil notes

S&P said it assigned its AA long-term issue rating on the Japanese yen-denominated senior unsecured notes issued by Korea National Oil Corp. (KNOC: AA/stable/--).

The company plans to use the proceeds for refinancing of outstanding borrowings.

“Our rating on KNOC is equalized with the sovereign credit ratings on South Korea (AA/stable/A-1+) because we expect an almost certain likelihood of extraordinary government support if the company suffers financial distress,” S&P said in a news release.

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