Moody's downgrades SK Energy

Moody's Investors Service said it downgraded the senior unsecured rating of SK Energy Co. Ltd. to Baa3 from Baa2.

The outlook is negative.

This concludes a review that began in February. The downgrade reflects Moody's concern that the company's financial profile, which is weak for its previous rating level, is unlikely to improve amid the difficult refining market conditions, compounded by its sizeable capital investments, Moody's said.

The rating is underpinned by its substantial refinery capacity and vertically-integrated operations, including its growing exploration and production business, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.