Fitch affirms Korea

Fitch Ratings said it affirmed the Republic of Korea's long-term foreign-currency issuer default rating at A+ and the long-term local-currency issuer default rating at AA, along with its short-term issuer default rating at F1 and the country ceiling at AA.

The outlook is stable.

The agency said ongoing stress in global financial markets and banking systems, combined with substantial borrowing from wholesale funding markets by Korean banks in recent years, has resulted in liquidity pressures on Korean entities, especially banks.

The recent efforts by authorities to stabilize local financial markets, including greater provision of Korean won liquidity, are sufficiently focused and consistent with Korea's current sovereign ratings, Fitch said.

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