We derive our 'BBB' long-term corporate credit rating on SK Innovation Co. Ltd. (SKI) from: The 'bbb' anchor for SKI, which we base on our assessment of the company's business risk profile as "satisfactory" and its financial risk profile as "intermediate." The absence of any impact from modifiers; the 'bbb' anchor is the same as the corporate credit rating. Leading market position in oil refining and marketing (R&M) in Korea. Integrated business portfolio. Vulnerable to oil refining and petrochemical business cycles as well as fluctuations in crude oil prices and exchange rates. Uncertainty from potential government intervention and regulation for domestic petroleum market. Debt to EBITDA close to 3.0x over the next 24 months. Declining capital investment trends. Negative or
