Tokyo -- Standard&Poor's CreditWire 12/11/97 -- Standard&Poor's today lowered its long-term foreign currency rating of the Republic of Korea and related entities to triple-'B'-minus from single-'A'-minus and its local currency rating to single-'A'-minus from single-'A'-plus. The ratings service also cut its short-term foreign currency rating of the Republic to 'A-3' from 'A-2,' and its short term local currency rating to 'A-2' from 'A-1'. (Additional press releases to follow on affected ratings.) All foreign and local currency ratings remain on CreditWatch with negative implications, where they were placed on Nov. 25. The downgrades reflect an erosion in the government's financial position in recent days. Liquid central bank reserves have fallen to about US$10 billion -- less than
