The ratings on Seoul Metropolitan Government (SMG) reflects our view that the city's strong economic and financial metrics will remain intact despite the COVID-19 pandemic. We have recently raised the institutional framework assessment for Korean municipalities, further supporting SMG's credit profile. We are affirming our 'AA' long-term and our 'A-1+' short-term issuer credit ratings on SMG with a stable outlook. The stable outlook reflects that on the Korean sovereign rating because we do not believe SMG can withstand a distress scenario better than the sovereign. On Aug. 27, 2020, S&P Global Ratings affirmed its 'AA' long-term and 'A-1+' short-term issuer credit ratings on SMG. The long-term outlook is stable. The stable outlook reflects that of the Korean sovereign rating because
