We assess the stand-alone credit profile (SACP) of SMG as 'aa-', reflecting improvements in its budgetary performance and its debt balance, both supported by SMG's improved and stable financial management. We are revising to positive from stable the outlook on our 'A+' long-term foreign and local currency issuer credit ratings on SMG, reflecting the sovereign long-term foreign currency rating and outlook. We are also affirming our 'A+' long-term and 'A-1' short-term issuer credit ratings on SMG. We base the rating affirmation on our view that we do not believe SMG would be able to withstand a stress scenario where the sovereign defaults on its foreign currency debt. The ratings on SMG reflect our view of the Republic of Korea's evolving
