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  A downgrade of Korea, significant changes leading to a dilution in state ownership and state control, or weakening in KHFC's links with the government, including the importance of the entity's public policy role and budgeting relationship, could trigger a downgrade. This is because KHFC, under such circumstances, would no longer be classified as a dependent public-sector entity and, therefore, no longer be credit-linked to the sovereign rating.
 
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