Korea National Oil Corp.

This report does not constitute a rating action. Overview Key strengths Key risks Major government-related entity as the Korean government's sole oil policy arm High debt Monopoly in stockpiling and managing Korea's strategic oil reserves Exposure to inherent earnings volatility and cyclicality of the oil and gas exploration and production (E&P) business Strong capital market standing as a key government-related entity Smaller scale than other oil and gas companies in the region We equalize our ratings on Korea National Oil Corp. (KNOC) with those on Korea (AA/Stable/A-1+). The company will likely benefit from extraordinary government support in times of distress. This is given it plays a critical role as the government's sole legally mandated oil policy arm. KNOC maintains a

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