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Moody's Maintains 3rd-Highest Credit Rating for Korea

2019/07/14 | 203 views | Permalink | Source

Credit ratings firm Moody's on Monday kept Korea's sovereign credit rating at Aa2 with a stable outlook. But Moody's pointed out that Korea's economy could slow down further due to Japanese export restrictions on materials vital for Korean IT giants.

Aa2 is the third highest on the agency's 21-level rating scale and Korea has maintained the rating since December 2015.

Korea's "very strong economic and fiscal fundamentals provide buffer against exposure to uncertain outlook for external trade", it said.

Moody's assesses the sovereign credit rating in four categories, and Korea is rated "very high" in economic strength and institutional strength, "very high (+)" in fiscal strength and "moderate" in susceptibility to event risk.

"Korea's very strong institutional framework bolsters the country's resilience to potential economic and financial stability risks, while the government's sound fiscal position provides scope for countercyclical support for the economy". it said.

But Moody's warned that the "ongoing risk of military confrontation with North Korea poses unusually pronounced exposure to event risk", and added that Korea's rapidly aging population is a potential cost burden.

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