Despite being rated five levels higher than Thailand by Moody’s Investors Service, the cost of insuring South Korea’s bonds against default is now more expensive for the first time in 7 years.

As Bloomberg reports, five-year credit-default swaps on Korean notes have surged in the past couple of days on concern a more aggressive U.S. foreign policy is increasing the risk of conflict with nuclear-armed North Korea.

Meanwhile, the cost of such contracts on Thai debt have more than halved over the past year as the nation’s current-account surplus swelled.