SINGAPORE (Standard&Poor's) Nov. 8, 2006--Standard&Poor's Ratings Services today affirmed its 'A/A-1' long- and short-term foreign currency, and 'A+/A-1' long- and short-term local currency ratings on the Republic of Korea. The outlook on the long-term ratings remains stable. "The affirmation incorporates a balance of factors between Korea's economic, fiscal, and external strengths with high contingent risks and delays in implementing structural reforms such as in the labor market and SME sector," said Standard&Poor's credit analyst Takahira Ogawa. Since Korea's public sector became a net external creditor in 2000, the government's net external position has strengthened because of rising reserves and is projected to reach 48% of current account receipts for 2006. Foreign currency reserves amounted
