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S&P Global Ratings said today that the impeachment of President Park Geun-hye does not have a material effect on the sovereign credit rating on the Republic of Korea (South Korea; AA/Stable/A-1+). Although the political uncertainty could remain a distraction to policymakers for some time, it is expected that the effective Korean bureaucracy will keep the government running smoothly.
On Dec 9, lawmakers in South Korea's National Assembly voted overwhelmingly to impeach President Park over an influence-peddling scandal. The constitutional court has up to 180 days to consider the motion. Once the court ratifies the vote, a presidential election must be held within two months. Prime Minister Hwang Kyo-ahn will serve as acting president in the interim period.
"However, we do not expect the uncertainty to result in material changes to the sovereign's credit metrics," S&P Global Ratings commented in its latest research report.
Should an emergency situation require rapid legislative responses, we expect the National Assembly to react adequately. It has a track record of passing key bills into law quickly despite deep divisions between the political parties.
Meanwhile, it is anticipated that the mature institutions in South Korea will enable politics to revert to normal in due course. Any impact on domestic economic sentiments is likely to be temporary.
