The rating on Korea National Oil Corp. (KNOC) is equalized 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 Service's opinion that there is an "almost certain" likelihood that the Korean government would provide KNOC with timely and sufficient extraordinary support in the event of financial distress. We assess KNOC's stand-alone credit profile 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 Korea's oil self-sufficiency ratio; and
