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S&P upgrades SK Global
S&P said it raised the long-term corporate credit rating on SK Global Chemical Co. Ltd. to BBB+ from BBB.
The outlook is stable.
The agency also said it upgraded SK Global after the agency upgraded SK Innovation Co. Ltd., the parent group of the company.
S&P said it believes SK Global's credit quality is tied to that of SK Innovation, given a view of SK Global as a core subsidiary of SK Innovation.
The upgrades reflect an expectation that the company is likely to maintain its prudent financial policy and solid operating cash flow over the next 12- to 24-months, which should keep its credit metrics solid, the agency explained.
The company is expected to maintain an adjusted ratio of debt-to-EBITDA ratio at about 1x during the period, S&P said.
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