We expect SMG to continue producing healthy operating surpluses and maintain robust liquidity balances. The government's debt is also likely to continue to steadily decline as balances after capital accounts remain in surplus. We are affirming our 'AA' long-term issuer credit rating and our 'A-1+' short-term rating on SMG. The stable outlook reflects our base-case scenario in which we expect that, in the next two years, SMG will continue to prudently manage its finances. On Aug. 10, 2017, S&P Global Ratings affirmed its 'AA' long-term issuer credit rating on Seoul Metropolitan Government (SMG). The outlook is stable. At the same time, we affirmed our 'A-1+' short-term rating on the government. The stable outlook reflects our expectation that SMG will continue
