We are raising the stand-alone credit profile (SACP) on Seoul Metropolitan Government (SMG) to 'aa' from 'aa-', reflecting improving budgetary flexibility and performance, and lower contingent liabilities. On Aug. 8, we raised the long-term sovereign credit ratings on the Republic of Korea to 'AA' from 'AA-'. We are therefore raising our long-term issuer credit rating on SMG to 'AA' from 'AA-'. The outlook is stable. At the same time, we are affirming our short-term issuer credit rating on SMG at 'A-1+'. The stable outlook reflects our expectation that SMG will continue to prudently manage its finances over the next two years, keeping its liquidity exceptional. On Aug. 9, 2016, S&P Global Ratings raised its long-term issuer credit rating on Seoul
