Global credit rating agency Fitch Ratings on Wednesday maintained South Korea's credit rating at "AA-" with a stable outlook, a rating the country has kept since 2012.

Explaining the reasons behind its assessment to keep its fourth highest rating, Fitch said despite geopolitical risks related to North Korea, South Korea has external finances, resilient macroeconomic outcomes and dynamic exports working in its favor. 

However, the agency pointed to some possible point deductions by way of World Bank governance indicators, including political stability, quality of regulations and the rule of law, as well as structural challenges associated with the aging population. 

As for economic growth for Asia’s fourth largest economy, the agency lowered its outlook to two-point-six percent from two-point-seven percent issued in March. Next year, Korea will grow one-point-nine percent, it said, citing the potential impact of a rapid slowdown of the global economy. 

On the inflation front, Fitch expects the country’s consumer price growth will somewhat ease to five percent toward the year-end before slowing to around one-point-five percent by 2023.