We expect SK Innovation's operating performance to normalize in 2015 with a more stable operating environment, and for its financial metrics to gradually improve over the next 24 months. We are affirming our 'BBB' long-term corporate credit and debt ratings on SK Innovation, reflecting our expectation that the company's debt to EBITDA is likely to improve to within our downgrade trigger of 3x by 2016. The negative outlook on SK Innovation reflects our view that there is a more than one-third likelihood we will lower the rating, given the thin buffer of room in our "intermediate" assessment of SK Innovation's financial risk profile, which is susceptible to oversupply and volatility in industry conditions as well as uncertain prospects of success
