TOKYO (Standard&Poor's) July 2, 2007--Standard&Poor's Ratings Services today assigned its 'BBB-' long-term corporate credit rating to SK Energy Co. Ltd., a newly established operating company that will take over all oil-related business from SK Corp. as a result of the company's shift to a holding-company structure and its split into two entities. Standard&Poor's also assigned its 'BBB-' rating to SK Energy's senior unsecured USD$300 million bonds, which have been transferred from SK Corp. At the same time, Standard&Poor's withdrew its 'BBB-' long-term corporate credit and senior unsecured debt ratings on SK Corp. The outlook on the long-term corporate credit rating on SK Energy is stable. This rating action follows SK Corp.'s restructuring
