SK Innovation was awarded the BBB+ rating by the global credit rating agency Standard & Poor’s Financial Services (S&P).

On 24th, S&P raised the credit rating of SK Innovation from BBB to BBB+, giving it a “stable” forecast. BBB+ is the highest credit rating acquired by SK Innovation and the highest credit rating awarded to a Korean energy company.

S&P cited the ”ability of SK Innovation to acquire financial resources necessary for its payment of dividends and investment, based on its stable financial policy and cash flow” as its explanation for giving the rating.

SK Innovation has shown consistent efforts toward reducing its debts to improve its financial structure. In particular, S&P focused on SK Innovation’s success in reducing its debt size from KRW 9 trillion in late 2014 to KRW 3 trillion at the end of last year, and the sturdiness of its financial structure against the volatile conditions of the market.

SK Global Chemical, the focal point of SK Innovation’s industrial restructuring, was also awarded the credit rating of BBB+. According to S&P, SK Global Chemical deserves the new credit rating because of the results of its global partnership efforts and its continuing importance in SK Innovation’s expansion in 2018 through its aggressive investment practices.

“This new rating from S&P is a positive signal that we will achieve our goal of attaining a KRW 30 trillion net worth earlier than expected,” said an SK Innovation representative. “We will continue our efforts in investing and restructuring to facilitate our ascent as a global player in the petrochemical and energy industry,” the representative added.