The ratings on the Republic of Korea (South Korea) are supported by: A strong external position. South Korea's external position has swung from high vulnerability, with net external debt to current account receipts of 79% at the peak of the Asian financial crisis at year-end 1997, to a robust creditor position, projected at 17% of current account receipts for 2003. As of May 15, 2003, South Korea had US$126 billion of international reserves covering short-term external debt by 243%, compared with 11% in 1997. A resilient fiscal position. South Korea's general government surplus has averaged almost 1.5% of GDP over the past three years (including social security and excluding lending to the financial sector). After the government spent more than
