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Fitch Maintains S. Korea's Rating at 'AA-' with Stable Outlook

Written: 2021-07-22 10:32:01Updated: 2021-07-22 14:59:42

Fitch Maintains S. Korea's Rating at 'AA-' with Stable Outlook

Photo : YONHAP News

Global credit rating agency Fitch Ratings has maintained South Korea's credit rating at "AA-" with a stable outlook.

The Finance Ministry said on Thursday that Fitch kept South Korea's rating steady, in contrast to downgrades for 18 countries including Britain, France, Canada and the U.S. since March last year, reflecting the fallout of the COVID-19 pandemic.

Fitch said in a statement that a strong economic recovery, underpinned by the government's effective management of the pandemic and a dynamic export sector, should continue to support South Korea’s credit ratings in the near term.

The agency also maintained its growth forecasts for the country at four-point-five percent this year and three percent next year. 

However, Fitch revised down South Korea's potential growth rate by point-two percentage points to two-point-three percent, citing its rapidly aging population. 
South Korea has kept its current evaluation, the fourth-highest of Fitch's sovereign ratings, since 2012.

The ministry said the rating indicates a positive assessment of the South Korean economy's solid fundamentals, noting that three major credit rating agencies - S&P, Moody's and Fitch - all maintained their credit ratings for South Korea this year.

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