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

HONG KONG (S&P Global Ratings) Nov. 1, 2023--S&P Global Ratings today assigned its 'AA' long-term issue rating to Korea National Oil Corp.'s (KNOC) proposed U.S. dollar senior unsecured notes. The company will draw down the notes from its US$12 billion global medium-term note program. It will use the proceeds for general corporate purposes, including refinancing debt obligations. 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/--). We do not see material structural or contractual subordination risks in the company's capital structure. KNOC has a priority debt ratio of about 7%, lower than our notching-down threshold of 50%. As of

...October 31, 2023 HONG KONG (S&P Global Ratings) Nov. 1, 2023--S&P Global Ratings today assigned its '##' long-term issue rating to Korea National Oil Corp.'s (KNOC) proposed U.S. dollar senior unsecured notes. The company will draw down the notes from its US$12 billion global medium-term note program. It will use the proceeds for general corporate purposes, including refinancing debt obligations. 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/--). We do not see material structural or contractual subordination risks in the company's capital structure. KNOC has a priority debt ratio of about 7%, lower than our notching-down threshold of 50%. As of June 30, 2023, KNOC's debt capital structure consisted of Korean won (KRW) 14.5 trillion of unsecured debt at the parent level and KRW1.1 trillion of debt at the subsidiary level. We equalize our rating on KNOC with the...

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