[Apha Biz=(Chicago) Reporter Paul Lee] Moody's, an international credit rating agency, reaffirmed SK Innovation's corporate credit rating as 'Baa3' on the 16th.

In addition, the rating outlook has been adjusted from 'negative' to 'stable'.

"We expect SK Innovation's adjusted EBITDA (operating profit before amortization) to decrease from 5 trillion won in 2022 to 4 trillion won in 2023 and increase again to 5.7 trillion won in 2024," Moody's said. "This is mainly due to additional revenue growth in the battery business."

"After SK Innovation suffered significant losses in its battery business in the first half of this year, its business profitability will improve over the next 12∼18 months thanks to improved operational efficiency and large-scale tax deductions," he expected.

Moody's also reaffirmed the credit rating of SK Geocentric, a chemical subsidiary of SK Innovation, as 'Baa3' and revised the rating outlook from 'negative' to 'stable'.

 

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