S&P reaffirms sovereign credit ratings on S. Korea

SEOUL, Oct. 17 (Yonhap) -- Standard & Poor's (S&P) Ratings Services Friday reaffirmed its sovereign credit ratings on South Korea, citing the nation's sound fiscal and external positions.

The global rating appraiser said in an e-mail statement that it has decided to
keep its foreign- and local-currency long-term sovereign credit ratings on South
Korea at "A" and "A+," respectively. The outlook on the long-term ratings is
stable, it added.
"The sovereign credit ratings on Korea are supported by its dynamic economy,
sound fiscal position, and sound external position," S&P said in the statement.
Still, the appraiser underscored difficulties confronting South Korea's banks,
saying that the Korean financial system has faced "intensifying pressures."
The move comes on the heels of a statement by Moody's Investors Service saying it
has maintained its A2 "stable" outlook for South Korea's government-issued bonds
based on the country's economic resilience.
kokobj@yna.co.kr
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