This report supplements our report "Seoul Metropolitan Government Long-Term Rating Raised To 'AA' From 'AA-'; Outlook Stable," published on Aug. 9, 2016. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on Seoul Metropolitan Government (SMG) reflect its strong economy as the capital of Korea, very strong budgetary performance, strong budgetary flexibility and financial management, and exceptional liquidity. Other strengths include SMG's low debt burden and very low contingent liabilities. Korea's evolving but balanced institutional framework partially offsets these strengths. SMG's very strong budgetary performance continues to improve. We project
