Moody's Investors Service says it has no immediate plan to upgrade ratings on South Korea. The U.S. credit ratings agency cited risks from weakening political leadership vital to keeping corporate and financial reforms on track.
Moody's is expected to issue an annual report on Korea in February. It has kept the country's long-term foreign currency rating at B-a-a-2 with a stable outlook since late 19-99.
An official at Moody's said South Korea needs further reform to grow its economy and avoid recession afflicting Singapore, Taiwan and other countries.
Rival ratings agency Standard & Poor's raised South Korea's long-term foreign currency rating by one notch to triple B-plus from triple-B last week.
The Korean economy is bracing for growth of less than a quarter of last year's blazing eight point eight percent as electronics-heavy exports reel from slack global demand.
Meanwhile, the Korea Center for International Finance said South Korea is the only nation in Asia to have its sovereign ratings upgraded since the September 11th terrorist attacks.