Moody’s raises South Korea’s credit rating

By IBTimes Staff Reporter | April 14 2010 6:07 AM

The credit rating company Moody's increased South Korea's credit rating to A1 from A2, after the South Korean central bank lifted its growth forecasts for 2010 while the unemployment rate in the country fell to its lowest in a decade.

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The positive economic data the South Korean economy keeps releasing combined with the recovery started to be seen by the global economy determined Moody's to improve South Korea's credit rating to match China and Slovakia.

Today the South Korean central bank announced it will keep its current monetary policy, and expects growth in 2010 to be higher than in 2006. As a result the Kospi index rose today.