The rating on Korea National Oil Corp. (KNOC) is based on an equalization with the long-term ratings on the Republic of Korea (local currency rating A+/Stable/A-1, foreign currency rating A/Stable/A-1). This reflects Standard&Poor's Ratings Services' opinion that there is "almost certain" likelihood that the Korean government would provide timely and sufficient extraordinary support to KNOC in the event of financial distress. We assess the stand-alone credit profile of KNOC to be in the 'BBB' category. In accordance with our criteria for government-related entities (GREs), our rating approach is based on our view of KNOC's: "Critical" role as the sole legally mandated oil policy arm of the Korean government tasked with managing strategic petroleum reserves (SPRs) and improving the
