Strong government support as 100% government-owned national oil company Strategic importance of petroleum stockpiling to Korea Intermediate financial profile Aggressive growth strategy Potential credit risk from management of special account funds Exposure to volatile oil and gas prices The rating on Korea National Oil Corp. (KNOC) reflects strong government support for the company, the strategic importance of its role to the Korean government and economy, and its intermediate financial profile. The rating is constrained by the company's aggressive growth strategy, the potential credit risk from the management of funds for the Special Account for Energy and Resources (SAER), and the volatile nature of the independent oil and gas industry. KNOC is a 100% government-owned upstream oil company established in 1979
