This report does not constitute a rating action. Overview Credit context and assumptions Base-case expectations Supportive institutional framework stemming from prudent governance guidelines from the central government. Carefully-managed spending to sustain budget surpluses amid macroeconomic challenges. High wealth level and solid growth prospects as the economic center of Korea. Debt burden to slowly increase to fund key initiatives, including Seoul Vision 2030 and metro network. Disciplined financial management, as indicated by a long record of strong financial profiles. Large liquidity buffer from sustained budgetary surpluses and mild new borrowings. Sovereign rating on Korea constrains the ratings. Drivers will be a recovery in exports and normalizing local property sector. This will support revenue for Seoul Metropolitan Government (SMG). This is despite
