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Bulletin: Rating On Korea National Oil Corp. Unaffected By Potential Acquisition Of Dana Petroleum Sep 10
Standard & Poors, Sep 2010
Abstract
HONG KONG (Standard & Poor's) Sept. 3, 2010--Standard & Poor's Ratings Services said today that the rating on Korea National Oil Corp. (KNOC; local currency rating A+/Stable/--, foreign currency rating A/Stable/--) is not affected by the company's potential acquisition of Dana Petroleum (Dana; NR). We believe the acquisition is in line with KNOC's 'critical' policy role mandated by the government of Korea (local currency rating A+/Stable/A-1; foreign currency rating A/Stable/A-1) in an effort to improve the nation's oil self-sufficiency ratio. However, the company's stand-alone credit profile would be weakened if the acquisition materializes. In our view, capital support from the Korean government would not be sufficient to cover the entire investment amount, which would increase KNOC's debt. However, this risk...
Companies mentioned in this report are: Korea National Oil Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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