RTTNews - Wednesday, the Fitch Ratings affirmed the Republic of Korea's long-term foreign currency Issuer Default Rating or IDR at 'A+' and its Long-term local currency IDR at 'AA'. The rating agency also affirmed short-term IDR at 'F1' and the Country Ceiling at 'AA'.
Meanwhile, the agency raised the outlook on the ratings to stable from negative.
Ai Ling Ngiam, Director, Asia Sovereigns said, South Korea's sovereign credit fundamentals have regained ground against the 'A' peer group, warranting an outlook revision to stable.
Further, the agency revealed that the sovereign ratings continue to balance its credit strengths in terms of fiscal prudence as well as external finance improvements against potential security risks and reunification costs associated with North Korea.
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