Leading position in Korea's oil refining and marketing (R&M) industry Integrated business portfolio Asset disposals and planned cuts to capital investment Cyclicality in main businesses Vulnerability to fluctuations in oil and currency prices Weak, albeit improving, financial profile for current rating The ratings on Korea-based SK Innovation Co. Ltd. reflect the company's leading position in Korea's oil refining and marketing (R&M) industry, integrated business portfolio, reductions to planned capital investment, and recent disposal of some overseas assets. The ratings are constrained by the economic cycles of the company's main businesses and its vulnerability to fluctuations in oil and currency prices. Moreover, the current ratings incorporate our anticipation of improvement in the company's overall financial profile, which is currently weak in
