This report supplements our report "Seoul Metropolitan Government Outlook Revised To Positive On Stronger Budgetary Performance; 'A+/A-1' Ratings Affirmed," published on Aug. 4, 2015. 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. Our ratings on Seoul Metropolitan Government (SMG) reflect its strong economy as the capital of the Republic of Korea (Korea; foreign currency rating A+/Positive/A-1; local currency rating AA-/Stable/A-1+) and its strong financial management, strong budgetary performance, low debt burden, and exceptional liquidity. Factors that Standard&Poor's Ratings Services considers neutral for its ratings on SMG are its average
