TOKYO (Standard&Poor's) Oct. 4, 2005--Standard&Poor's Ratings Services today assigned its 'A' long-term issuer credit rating to Korea National Oil Corp. (KNOC). The outlook is stable. "The rating on KNOC reflects strong government support, the strategic importance of KNOC's policy role to the Korean government and economy, and the company's strong financial flexibility," said Standard&Poor's credit analyst Jae Min Kwon. "The rating also reflects the relatively large capital expenditures planned through 2008, and possible fluctuations in cash flow depending on future oil prices," added Mr. Kwon. KNOC is a 100% government-owned upstream oil company, established in 1979 following the second oil shock to ensure the stable supply of oil to the Korean economy. The company
