On Oct. 12, 2007, Standard&Poor's Ratings Services affirmed its 'A/A-1' foreign currency and 'A+/A-1' local currency sovereign credit ratings on the Republic of Korea. The outlook is stable. The credit ratings on Korea are supported by its dynamic and resilient economy and reasonably solid fiscal position. Despite the 1997-1998 Asian financial crisis and two other periods of domestic financial system instability since then, Korea's developed economy has remained buoyant, with real GDP growing an average 5.7% per year since 1999. Korea is one of the global leaders in Internet technology, electric appliances, shipbuilding, and auto manufacturing, and its economy is diversified. Further restructuring of the private and public sectors could raise Korea's potential growth rate from the current
