Korea National Oil Corp.'s Proposed Senior Unsecured Notes Rated 'AA'

HONG KONG (S&P Global Ratings) Sept. 17, 2024--S&P Global Ratings today assigned its 'AA' long-term issue rating to the U.S. dollar-denominated senior unsecured notes that Korea National Oil Corp. (KNOC) plans to issue. The company plans to use the proceeds for general corporate purposes, including refinancing maturing debts. The rating on the notes is subject to our review of final documentation. We rate the senior unsecured notes the same as the long-term issuer credit rating on KNOC (AA/Stable/--). This is because we do not foresee any material structural or contractual subordination risks in the company's capital structure. KNOC's capital structure consisted of about Korean won (KRW) 16.3 trillion of unsecured debt, almost all at the parent level. We equalize our

...September 16, 2024 HONG KONG (S&P Global Ratings) Sept. 17, 2024--S&P Global Ratings today assigned its '##' long-term issue rating to the U.S. dollar-denominated senior unsecured notes that Korea National Oil Corp. (KNOC) plans to issue. The company plans to use the proceeds for general corporate purposes, including refinancing maturing debts. The rating on the notes is subject to our review of final documentation. We rate the senior unsecured notes the same as the long-term issuer credit rating on KNOC (##/Stable/--). This is because we do not foresee any material structural or contractual subordination risks in the company's capital structure. KNOC's capital structure consisted of about Korean won (KRW) 16.3 trillion of unsecured debt, almost all at the parent level. We equalize our ratings on KNOC with the sovereign credit ratings on Korea (##/Stable/A-1+). This is because we expect an almost certain likelihood of extraordinary government support if the national oil and gas company...

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