A total of nine cross-border transactions emerged from Korea in 2002, with a total issuance size of US$2.9 billion, according to Standard & Poor's. S&P has rated a total of US$3.6 billion Korean card securitizations, the majority of which have benefited from a triple-A monoline wrap. Nonetheless, the Korean securitization market - the second largest in Asia - is presently undergoing some turbulent times.

Concerns have arisen regarding the Korean consumer credit sector, especially the credit card sector, with commercial banks and card companies reporting substantial charge-offs. The combination of these charge-offs and a surge in restructuring activities has resulted in a liquidity crunch for the sector.

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