We expect the credit quality of SK Innovation to become less vulnerable to the volatility in oil refining and petrochemical industries over the next 12-24 months given its prudent financial policy, as shown by its much lower debt level than in the past. We expect fewer swings in oil prices and the demand-supply dynamics of the regional oil refining and petrochemical industries, which could support solid operating cash flow for the Korea-based refining and petrochemical producer over the next 12-24 months. We are raising the corporate credit rating on SK Innovation to 'BBB+' from 'BBB'. The stable outlook reflects our expectation that SK Innovation is likely to maintain its debt-to-EBITDA ratio at around 1x over the next 12-24 months, given
