This report does not constitute a rating action. Overview Credit context and assumptions Base-case expectations Large and diversified service sector to help capture economic benefits of surging AI demand. Solid revenue generation and carefully managed spending will help keep budget surpluses. Prudent financial management, with a long record of strong financial profiles. Debt burden to slowly decrease due to minimal new bond issuance and expanded revenue streams. Sovereign rating on Korea constrains the rating. Large liquidity buffer from high cash reserves. Strong global demand for AI build-out will likely drive Seoul’s economic growth over the next two years . The city is uniquely positioned to benefit from the semiconductor boom. This is as corporate headquarters and professional service sectors such
