Fitch affirms SK Innovation

Fitch Ratings said it affirmed SK Innovation Co., Ltd.'s long-term foreign-currency issuer default rating and senior debt rating at BBB and its short-term foreign-currency issuer default rating at F3.

The outlook is stable.

The agency said the ratings reflect SK's position as the leading energy and chemical company in South Korea and are supported by its diversification.

In Fitch's opinion, SK has a weak credit profile at its current ratings, notwithstanding improvements over the previous two years. However, the agency believes that the current credit profile will be stable in the medium term as SK's diversification provides some protection against a cyclical downturn and management has expressed its commitment to cover capex with its internally generated cash flow.

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