This report does not constitute a rating action. Overview Credit context and assumptions Base-case expectations Supportive institutional framework stemming from strong and prudent central government governance guidelines Carefully-managed spending decisions will sustain budget surpluses, despite temporary revenue headwinds High wealth level and solid growth prospect as the economic center of Korea Debt burden to moderately rise to a peak in 2026, before coming down from 2027 Prudent financial management indicated by the city?s long record of strong financial profiles Large liquidity buffer from sustained budgetary surpluses and mild new borrowings Sovereign rating of Korea constrains the ratings This will likely be driven by a recovery in exports and normalization of the local property sector amid easing inflationary conditions. This will
