S&P lifts Seoul to positive

Standard & Poor’s said it revised to positive from stable the outlook on the A+ long-term foreign- and local-currency ratings on Seoul metropolitan government.

The agency also said it affirmed the city’s long-term ratings and A-1 short-term foreign- and local-currency ratings.

The ratings reflect Seoul’s strong economy as the capital of the Republic of Korea and its strong financial management, strong budgetary performance, low debt burden and exceptional liquidity, S&P said.

The government’s strong budgetary performance has improved in line with its healthy operating balance as a percentage of adjusted operating revenues, the agency said.

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