Fitch Leaves Korea's Credit Rating Unchanged

Global ratings firm Fitch has maintained its rating for Korea at AA- with an outlook of "stable." Korea has kept the AA- rating -- the agency's fourth-highest -- since 2012.

Fitch said Wednesday it based its decision on Korea's steady economic performance, despite challenges including its aging society. It added that Korea has been able to limit the damage caused by the coronavirus epidemic through robust policy responses.

Fitch forecast the country's GDP would contract by 1.1 percent this year, a smaller decline than the Bank of Korea's projection of a 1.3-percent contraction.