Moody’s ups SK Innovation, SK Global to Baa1

Moody's Investors Service said it the issuer and senior unsecured ratings of SK Innovation Co. Ltd. (SKI), as well as the issuer rating of SK Global Chemical Co., Ltd., upgraded to Baa1 from Baa2.

The outlook is changed to stable from positive.

"The upgrade of SKI's ratings reflects its significantly improved financial profile in 2016 and our expectation that it will maintain its robust financial profile over the next 1-2 years, driven by a gradual decline in debt and healthy earnings," Moody's vice president and senior analyst Wan Hee Yoo said in a news release.

"The rating action also reflects the company's sizable cash balance and robust operating cash flow, both of which provide significant buffers against a possible increase in investments."

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