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S&P upgrades Seoul Guarantee Insurance

S&P Global Ratings raised the long-term financial strength and issuer credit ratings of Seoul Guarantee Insurance Co. Inc. to A+ from A.

The outlook is stable, the rating agency said June 30.

Seoul Guarantee Insurance is the only comprehensive guarantee insurer in South Korea, S&P said, noting that it now estimates the likelihood of the government providing extraordinary support to the company has increased to high. At the same time, the agency expects the government to continue to maintain its strong link through Korea Deposit Insurance Corp.'s 94% stake in Seoul Guarantee Insurance over the next one to two years.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.