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MOODY'S CHANGES SOUTH KOREA'S RATING OUTLOOK TO NEGATIVE

Moody's Investors Service has changed the outlook on the long-term ratings of South Korea to negative from positive, prompted by heightened security concerns stemming from North Korea's nuclear weapons program. South Korea's ratings currently stand at A3 for the government' s domestic and foreign currency denominated obligations, as well as for the country ceiling on the foreign currency bonds and bank deposits of other entities within its borders.

The rating agency said that increased uncertainty regarding North Korean actions and possible responses from the international community have reduced the likelihood that South Korea's ratings could move up in the near future, and have also introduced the possibility that the rating could move down should the security environment on the peninsula continue to deteriorate.

Moody's said North Korea's eviction of inspectors from the United Nations' International Atomic Energy Agency, renunciation of its Nuclear Nonproliferation Treaty obligations, and reactivation of the Yongbyon nuclear plant are, taken together, actions more provocative than past moves or threats.

Barring further deterioration in the security environment, Moody's noted that the economic policies of Seoul's newly elected government would most likely continue to support South Korea's successful performance under its post-Asian crisis reform program.

Additional press releases will follow that address possible outlook changes for other affected issuers rated by Moody's Investors Service.

New York

Vincent J. Truglia

Managing Director

Sovereign Risk Unit

Moody's Investors Service

New York

Thomas J. Byrne

VP - Senior Credit Officer

Sovereign Risk Unit

Moody's Investors Service