The upgrade reflects our less negative assessment of the geopolitical risks on the Korean peninsula. We raised the foreign-currency and local-currency long-term ratings to 'A+/AA-' from 'A/A+' and the local-currency short-term rating to 'A-1+' from 'A-1'. We affirmed our foreign-currency short-term ratings at 'A-1'. The stable outlook on the long-term ratings on Korea reflects our expectations that North Korea will remain politically stable in the next three to five years. On Sept. 14, 2012, Standard&Poor's Ratings Services raised its foreign- and local-currency long-term credit ratings on the Republic of Korea to 'A+/AA-' from 'A/A+' and the local-currency short term rating to 'A-1+' from 'A-1'. The outlook on the long-term ratings is stable. At the same time, Standard&
