This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile A high-income, fast-growing economy despite security threats associated with North Korea. Strong government and external balance sheets. --Korea's well-diversified, prosperous, and relatively fast-growing economy support the 'AA' long-term sovereign ratings. --Korea's credible monetary policy regime is a credit strength. An actively traded Korean won and the economy's very strong external balance sheet also support the ratings. --We estimate GDP per capita in 2025 at US$36,200. In 2025-2028, we project real GDP per capita to grow by 1.8% annually. --Contingent liabilities associated with North Korea and the debt of government-related entities continue to pose risks to the government balance sheet. --Potential security threats that
