S&P Global Ratings placed an AA long-term issue rating on Korea National Oil's proposed US dollar senior unsecured notes, according to a Tuesday release.
The notes' rating is on the same level as the state-owned oil company's long-term issuer credit rating since S&P does not expect significant structural or contractual subordination risks in the capital structure.
The issuer's rating is in line with Korea's sovereign credit ratings, amid an almost certain likelihood of extraordinary government support in case of stress, S&P said.
The company's leverage will remain elevated, with an estimated adjusted debt-to-EBITDA ratio of between 10x and 12x until 2026, amid weaker profitability and a higher debt burden, S&P said.
However, the company's interest coverage should remain steady amid low funding costs.
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