South Korea’s Credit Rating Raised One Level to AA by S&P
- Won gains, bonds pare back losses after S&P’s upgrade
- Government says upgrade highlights economy’s stability
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South Korea’s credit rating was increased one level by Standard & Poor’s, which cited the nation’s steady economic performance, sound fiscal position and flexible fiscal and monetary policies for the improvement.
S&P said Monday it raised the long-term credit rating for South Korea to AA from AA- with a stable outlook, the agency’s third-highest rating. This follows an upgrade to Aa2 from Moody’s Investors Service in December 2015, which marked the first time that South Korea received a third-highest ranking from a major ratings agency. Fitch Ratings ranks South Korea at AA-, the fourth-highest level.