Moody’s changes SK Innovation view

Moody's Investors Service said it changed to negative from stable the outlook on SK Innovation Co. Ltd. and SK Global Chemical Co., Ltd.

At the same time, Moody's affirmed the Baa2 issuer and senior unsecured ratings of SK Innovation, as well as the issuer rating of SK Global Chemical.

“The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented,” the agency said in a news release.

“The refining industry has been one of the sectors most significantly affected by the shock due to the sharp drop in demand for transportation fuel, given the standstill in global travel.”

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