The ratings on the Republic of Korea are buoyed by the continued progress in structural reform. Recent reforms include the Corporate Restructuring Promotion Act that will accelerate the rehabilitation of the ailing large conglomerates (chaebol), and the ongoing disposal of assets acquired by the state during the Asian crisis. These disposals include Korean won (W) 3.8 trillion (US$3 billion) securitized by collateral debt obligations of the Korea Asset Management Co. (KAMCO), the further partial sale of the government's stake in Korea Tobacco and Ginseng Co., and the expected sales of Daewoo Motors and Hyundai Investment Trust&Securities. These reforms have taken place at a time when Korea has been able to restore its strong financial position, as demonstrated by:
