HONG KONG (Standard&Poor's) June 9, 2008--Standard&Poor's Ratings Services today assigned its 'BBB' rating to SK Energy Co. Ltd.'s (BBB/Stable/--) senior unsecured bonds proposed under Regulation S, due 2013. The rating is subject to final documentation. The rating on SK Energy reflects the company's leading position in Korea's downstream petroleum market, extensive distribution and marketing network, integrated industry exposure, and favorable operating conditions with limited competition in the domestic market. However, the rating is weighed down by fundamental cyclicality in the refining and marketing industry, as well as the E&P industry. Furthermore, the company's overall financial risk profile, including capital structure and cash flow protection measurements, is not yet commensurate with the current rating. Although this situation
