Standard and Poor's warns of downgrade for oil refiner SK Corp.

(From Agence France Presse)

Standard and Poor's warned it could lower its credit rating of SK Corp. unless South Korea's biggest oil refiner improved its corporate governance.

The global credit risk appraiser indicated the rating would be maintained if the company reformed itself and appointed "a new independent board of directors" at a shareholders meeting in March.

"The current rating on SK Corp. could be maintained if the company outlines a clear business plan and financial strategy that focuses on its core oil refining marketing business," S and P said.

"However, in the absence of clear resolutions to distance itself from supporting …