Korea ranks third in the OECD in terms of macroeconomic and sovereign ratings indicators, trailing only Switzerland and Norway, a report reveals.

According to the report released Sunday by the Institute for International Trade, Korea's sovereign rating is undervalued given its competitiveness.

With a sovereign rating of A1, Korea is in 24th place among the 33 OECD members, lower than the five European nations -- Portugal, Iceland, Italy, Greece and Spain -- that were hit by the credit crisis this spring and whose national competitiveness, the report says, lags behind Korea's.