Fitch Keeps Korea's Credit Rating at AA-

      August 23, 2013 10:37

      Credit rating firm Fitch on Thursday said it is keeping Korea's sovereign rating at AA-, the fourth-highest investment grade with a stable outlook.

      Fitch said Korea's solid fundamentals shield its economy from being impacted by household debt, the global recession and financial market volatility.

      The firm expects Korea's economy to grow 2.6 percent this year and 3.4 percent in 2014. It said Korea's first-half growth demonstrated that the weak Japanese yen did not have a massive effect on export competitiveness.

      Fitch foresees a very small chance of a North Korean regime collapse or military confrontation on the Korean Peninsula, explaining that the North does not pose a risk to the South's credit rating.

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