Global ratings agency Standard and Poor's said Thursday that the worldwide recall and suspended production of the Galaxy Note 7 smartphone will not affect its ratings on Samsung Electronics.

S&P said in a statement that it believes the impact of the Note 7 discontinuation on ratings will be limited at this stage considering Samsung's operational cash flow and net cash holdings of some 65 trillion won, or some 57-point-three billion dollars, as of the end of June.

The agency also noted Samsung's "stronger-than-expected performance in its memory semiconductor, consumer electronics and display panel businesses based on its leading market positions and recovering profitability in the businesses." 

But S&P predicted that related additional costs and the absence of new smartphone sales will adversely affect Samsung's bottom line over the next few quarters. It said the firm's brand image and leading status in the smartphone sector might also see "some erosion." 

But the statement said the extent and duration of such weakening in the Korean tech giant's market position remain uncertain at this point and depend on how quickly the firm can restore its reputation.