The ratings on Seoul Metropolitan Government (SMG) continue to be supported by the city's strong economic and financial metrics, in our view. We therefore revised upward to 'aa+' from 'aa' our stand-alone credit profile (SACP) for SMG. We are affirming our 'AA' long-term issuer credit rating and our 'A-1+' short-term rating. Our outlook on SMG remains stable. The ratings and outlook reflect that of the Korean sovereign credit rating because we do not believe SMG can withstand a distress scenario better than the sovereign. On Aug. 8, 2019, S&P Global Ratings affirmed its 'AA' long-term and 'A-1+' short-term issuer credit rating on Seoul Metropolitan Government (SMG). The long-term outlook is stable. The stable outlook reflects that of the Korean sovereign
