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Moody’s changes SK Innovation, SK Global outlooks
Moody's Investors Service said it revised its outlooks for SK Innovation Co. Ltd. and its subsidiary SK Global Chemical Co. Ltd. to negative from stable.
“The change in SKI's outlook to negative reflects our expectation that the company's financial metrics will deteriorate significantly over the next 1-2 years, mainly because of large debt-funded capital spending,” said Wan Hee Yoo, a Moody's vice president and senior credit officer, in a press release.
Moody’s sees SKI’s net debt increasing to KRW 7.4 trillion by Dec. 31 from KRW 4.5 trillion at the end of 2018.
The change in SK Global mirrors that of SKI, Moody’s said.
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