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Korea Ratings Deteriorate Most in Decade as Export Engine Stalls

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The creditworthiness of South Korean companies is worsening at the fastest pace in at least a decade as the export-led economy falters.

Korea Ratings Corp., the local affiliate of Fitch Ratings Ltd., cut the credit scores of 40 local borrowers in the first half and raised the ratings of 5, the worst ratio since 1999. Similar scores at Nice Investors Service and Korea Investors Service were the weakest since 1998 and data going back to 2004 respectively.