Published : 2013-08-22 20:44
Updated : 2013-08-22 20:44
A leading credit rating firm has kept its rating on Korea unchanged despite snowballing speculation of another Asian crisis.
Fitch Ratings Co. on Thursday said that it retains the nation's sovereign rating of "AA-," the fourth-highest investment grade with a stable outlook, citing the
country's good fundamentals.
The global credit appraiser said it maintains the level as it believes that the country's household debts and exterior economic conditions will unlikely have a profound impact on the country's long-term foreign currency rating.
Fitch also said that the Korean economy's high resilience and good fundamentals bolstered by its sound macroeconomic policy helped it maintain the AA- rating.
Last September, Fitch raised the ratings on Korea from A+ to AA- and has maintained the level ever since.
The stock markets in Korea has been slipping for the past few days on news that the U.S. Fed may be dialing down its quantitative easing.
By Kim Ji-hyun and news reports