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Korea's Credit Rating Remains Unchanged Despite Military Tension

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공표년도

창작년도

2010-06-02

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Korea's financial markets experienced some large swings last week‚ after the South Korean government concluded that a North Korean torpedo was the culprit of the sunken warship Cheonan.
Major international credit rating agencies‚ however‚ say that unless a war breaks out‚ South Korea's sovereign rating will be retained as its current grade already implies the North Korean risk.
According to Seoul's finance ministry‚ high-ranking officials from credit rating firms in New York projected a stable outlook on the Korean economy‚ saying that the nation's geopolitical defense and economic fundamentals are strong enough to withstand the recent military shock.
In fact‚ Moody's Investors Service announced on Monday that it will hold Korea's A1 rating and explained that the recent shocks have had no adverse effects on the nation's debt affordability or finance ability.
Rating officials in New York also added that the European debt crisis will have limited influence on the Korean economy.
Korea's fiscal soundness is reflected in some of the key economic indices.
The country showed the highest economic growth rate among the OECD member nations during the first quarter of this year posting a 1.8 percent increase in gross domestic product from last quarter.
And the average capital adequacy ratio of Korean banks rose for six consecutive quarters to reach a record high 14.66 percent in March‚ which is a 0.3 increase since December‚ 2009.
The capital adequacy ratio‚ or BIS ratio‚ is a key barometer that indicates banks' economic soundness and their risk management capabilities.
Seoul's Financial Supervisory Service says that it will continue to strive to maintain Korean banks' strong capital adequacy‚ as economic uncertainty still remains in the global markets amid European debt crisis.
Han Da-eun‚ Arirang News.
Reporter : daeun@arirangtv.co.kr

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