We believe Seoul Metropolitan Government (SMG) will continue to produce robust operating balances and after-capital account surpluses over the outlook horizon, supported by prudent financial management practices. SMG's after-capital account surpluses will allow the government to drive a steady decline in borrowings. We are affirming our 'AA' long-term issuer credit rating and our 'A-1+' short-term rating on SMG. The stable outlook reflects our expectations that, within the next two years, SMG's fiscal efforts will further lower its debt burden, maintain its operating and after-capital account surpluses, prudently keep its finances robust, and its liquidity at current levels. On Aug. 29, 2018, S&P Global Ratings affirmed its 'AA' long-term and 'A-1+' short-term issuer credit rating on Seoul Metropolitan Government (SMG). The
