We believe SK Innovation Co. Ltd.'s (SKI) credit quality has deteriorated due to its aggressive financial policy, resulting in rising debt and burden on its balance sheet. We expect the company's operating profit to remain subdued due to a sluggish oil refining and petrochemical market environment. On Dec. 2, 2019, S&P Global Ratings lowered the issuer credit rating on SKI and the issue credit rating on the company's outstanding debt to 'BBB' from 'BBB+'. The stable outlook reflects our expectation that SKI's operating cash flows will offset its investments, as shown in a stable debt-to-EBITDA ratio of less than 2.5x over the next 24 months. We downgraded SKI to reflect the company's weakened credit quality on aggressive financial policies amid
