HONG KONG (Standard&Poor's) March 12, 2008--Standard&Poor's Ratings Services today raised its long-term corporate credit rating on Korea-based SK Energy Co. Ltd. to 'BBB' from 'BBB-'. At the same time, Standard&Poor's raised its rating on the company's senior unsecured debt to 'BBB' from 'BBB-'. The outlook on the long-term corporate credit rating is stable. SK Energy's upgrade is based on its improving business and financial risk profile, together with Standard&Poor's expectation that cash flow generation from operations formerly managed by SK Incheon Oil Co. Ltd., which merged with SK Energy in February 2008, and SK Energy's exploration and production (E&P) business will continue to improve. The upgrade also reflects the company's improving corporate
