Almost certain likelihood of extraordinary government support Status as the government's sole oil policy arm Strong, ongoing government financial support Increasing exposure to business cycles in exploration and production (E&P) Weak, albeit improving, competitive position in E&P Large capital expenditures for overseas E&P investment The ratings on Korea National Oil Corp. (KNOC) are equalized with the sovereign ratings on the Republic of Korea (local currency rating A+/Stable/A-1; foreign currency rating A/Stable/A-1). This reflects Standard&Poor's Ratings Services' opinion that there is an almost certain likelihood that the Korean government would provide timely and sufficient extraordinary support to KNOC in the event that it was to suffer financial distress. In accordance with our criteria for government-related entities (GREs), we base
