S&P upgrades Small Business

S&P said it raised the long-term foreign- and local-currency credit ratings on Small Business Corp. to AA from AA-.

The agency also said it affirmed the short-term ratings at A-1+.

The outlook is stable.

The upgrades follow a similar upgrade on the Republic of Korea, S&P said.

The agency said it equalizes the ratings on the company with the ratings on the Korean sovereign, reflecting that there is an almost certain likelihood of timely extraordinary support from the government, if needed.

The ratings also consider the company’s critical role as a government-controlled entity in Korea that is responsible for nurturing small- and midsized-enterprises, S&P said.

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