A senior official at Moody’s Investors Service says South Korea is unlikely to be seriously rattled by a global financial crisis.

Moody’s Singapore-based senior vice president and regional credit officer for Asia and the Middle East Thomas Byrne made the assessment on Thursday during a meeting organized by the Korea Society in New York

Byrne explained the nation’s short-term debt amounts to less than half its foreign exchange reserves. He said South Korea maybe exposed to risks that could emerge in the event European countries withdraw dollars from the South Korean market. However, he added the nation would be able to sufficiently withstand those potential risks.

Byrne also said that South Korea’s current foreign exchange reserves will be able to absorb any short-term shocks in the event a financial crisis erupts, noting that during the 2008 financial crisis, South Korea saw its foreign exchange reserves drop by 60 billion dollars.