We assess the stand-alone credit profile (SACP) for Korea National Oil Corp. (KNOC; foreign currency A+/Stable/--; local currency AA-/Stable/--) as 'bb'. We equalize our ratings on KNOC with the sovereign ratings on the Republic of Korea. This reflects Standard&Poor's Ratings Services' opinion that there is an "almost certain" likelihood of the government of Korea providing KNOC with timely and sufficient extraordinary support in the event it were to experience financial distress. In accordance with our criteria for government-related entities (GREs), we base our rating approach on the following assessments we have regarding KNOC: Its "critical" role for the government. We believe KNOC plays a critical role as the government of Korea's sole legally mandated oil policy arm, requiring
