HONG KONG (Standard&Poor's) July 16, 2009--Standard&Poor's Ratings Services today assigned its 'A' rating to Korea National Oil Corp.'s (KNOC; A/Stable/--) proposed U.S. dollar-denominated senior unsecured bonds, as proposed under Regulation S/144A. The rating is subject to final documentation. The rating on Korea National Oil Corp. (KNOC) reflects strong government support for the company, as well as the strategic importance of its role to the Korean government and economy. The rating is constrained by the company's aggressive growth strategy, and the volatile nature of the independent oil and gas industry. KNOC is a 100% government-owned upstream oil company and the execution arm of the Korean government with regard to oil policy matters. Given that Korea is the
