Leading position in Korea's oil refining and marketing (R&M) industry Integrated business portfolio Flexible financial policy Cyclicality in main businesses Vulnerability to fluctuations in oil and currency prices Rising uncertainty about regulatory pressure in the domestic petroleum market The ratings on Korea-based SK Innovation Co. Ltd. (BBB/Stable/--) reflect the company's leading market position, integrated business portfolio, and flexible financial policy. Factors that constrain the ratings are the economic cycles of the company's main businesses, its vulnerability to fluctuations in oil and currency prices, and rising uncertainty about regulatory pressure in the domestic petroleum market. SK Innovation is Korea's leading oil refining and marketing (R&M) company, with about 35% of the domestic petroleum market. Given this strong position, we expect it
