SK Innovation rating upgraded by Moody's, S&P on strong earnings

SK Innovation Co., South Korea's top oil refiner, said Monday that its rating was raised by global credit appraisers for its strong bottom line.

Moody's Investors Service has raised its rating on SK Innovation to 'Baa1,' from 'Baa2,' the highest-ever grade given by the global rating agency to the refiner, it said.

(Yonhap)

Another rating agency, the Standard & Poor's, also upped its rating on SK Innovation to 'BBB+' from 'BBB,' according to the firm.

The rating given to SK Innovation is the highest among Seoul-based oil refiners, it added.

The rating upgrades came as SK Innovation saw its 2016 earnings nearly double last year from a year earlier, thanks to better-than-expected results from its petrochemical business and expanded refining margin.

Net profit stood at 1.72 trillion won ($1.49 billion) last year, compared with a profit of 868 billion won a year earlier, the company said earlier.

Operating income surged 63 percent on-year to reach a record

3.23 trillion won, while sales sank 18.3 percent to 39.52 trillion won over the cited period. (Yonhap)