...HONG KONG (S&P Global Ratings) July 9, 2018--S&P Global Ratings today said that it has assigned its '###+' issue rating on the U.S. dollar-denominated senior unsecured notes to be issued by SK Innovation Co. Ltd. (SKI: ###+/Stable). The company plans to use the proceeds for general corporate purposes, including the repayment of outstanding borrowings, working capital, and financing capital expenditures. The rating on the bond is subject to our review of final issuance documentation. The rating on SK Innovation reflects our expectation that the company will likely maintain good operating cash flows, thanks to its high operating efficiency through large and integrated facilities. Despite SKI's increasing capital expenditures and shareholder return policy, we expect SKI to maintain its adjusted debt-to-EBITDA ratio at around 1x over the next 12 months. As of end March 2018, SKI's capital structure consisted of about Korean won (KRW) 680 billion of unsecured debt at the parent level, and about...
