Global ratings agency Fitch Ratings maintained Korea's national credit rating as AA-. The agency also announced a stable outlook on Korea.
Fitch said in a statement released on its website on October 12 (Korean standard time) that despite some risks such as geopolitical risk associated with North Korea and risks from aging and a drop in productivity, they decided to maintain Korea’s rating as AA- based on Korea's active external finance and strong macroeconomic performances. .
“Geopolitical risk caused by a long-term confrontation on the Korean peninsula continues to affect Korea's sovereign credit rating but nevertheless, we believe that a full-scale war will not break out on the Korean peninsula," the international credit rating firm said in the statement.
“At the same time, Korea's macroeconomic performances are stronger than other countries, and South Korea's gross domestic product is forecast to grow by 2.7 percent this year, 2.8 percent next year and 2.6 percent in 2019,” the statement said. Also, Fitch also expressed its anticipation about the fact that President Moon Jae-in was putting a spur to economy stimulating policies such as job creation.