This report supplements our research update "Seoul Metropolitan Government 'AA/A-1+' Ratings Affirmed; Outlook Stable," published on Aug. 10, 2017. 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 rating on Seoul Metropolitan Government (SMG) reflects our view that the city will continue producing healthy operating surpluses and maintain robust liquidity balances. This is based on our updated base-case scenario for SMG and our extension of the forecasting horizon through 2019. We also expect debt to continue to decline steadily as balances after capital accounts remain in surplus. SMG's financial management, economy,
