Fitch: S. Korea Vulnerable from Rising Household Debts

Write : 2015-06-23 18:58:20 Update : 2015-06-23 19:48:27

Fitch: S. Korea Vulnerable from Rising Household Debts

Global credit rating agency Fitch Ratings has maintained South Korea's sovereign rating at AA- in a report forecasting Asia-Pacific countries’ credit rating for the second quarter.
Fitch noted in the report released on Tuesday that high levels of rising household debt are increasing South Korea’s vulnerability to economic shocks.
The agency also said South Korea has structural weaknesses such as geopolitical risks related to North Korea.
However, the agency said that South Korea’s credit rating is backed by reasonable public debt and relatively strong macroeconomic performance, adding that the nation’s fundamentals are strong.
The agency said although the Bank of Korea marked down this year’s economic growth outlook to three-point-one percent, the figure remains higher than the average of two-point-one percent in economic growth that other countries with AA rating are expected to receive this year.

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