NICE Credit Rating, SK Chemical and SK Discovery Credit Ratings Upgraded

[Asia Economy Reporter Hwang Yoon-joo] NICE Credit Rating announced on the 14th that it will upgrade the long- and short-term credit ratings of SK Chemical and SK Discovery.

NICE Credit Rating raised SK Chemical's unsecured bond credit rating from 'A' to 'A+', and its short-term credit rating from 'A2' to 'A2+'.

The outlook for the unsecured bond credit rating was presented as 'Stable.'

NICE Credit Rating stated, "SK Chemical's operating performance has improved thanks to the sales of high-performance resins and the expansion of vaccine demand," adding, "Considering the completion of the copolyester (PETG) expansion and new pipelines in the life sciences division, it is expected to record excellent operating profitability based on stable performance in its major business sectors."

It also explained that the financial structure has improved due to the sale of the bioenergy business division and the securing of funds through the listing of its subsidiary SK Bioscience.

NICE Credit Rating also upgraded SK Discovery's unsecured bond credit rating from 'A' to 'A+', and its short-term credit rating from 'A2' to 'A2+'.

The outlook for SK Discovery's unsecured bond credit rating was presented as 'Stable.'

NICE Credit Rating evaluated, "SK Discovery holds stable control over its major affiliates, while subsidiaries such as SK Gas and SK Chemical possess excellent business competitiveness," and added, "The listing of the granddaughter company SK Bioscience has improved the financial stability of the group controlled by SK Discovery."

NICE Credit Rating also raised SK Bioscience's unsecured bond credit rating from 'A' to 'A+' and presented the rating outlook as 'Stable.'