Fitch affirms Korea

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

The outlook remains stable.

Korea's sovereign ratings continue to balance its credit strengths in terms of fiscal prudence, Fitch said, and the country's external sector against potential security risks and reunification costs associated with North Korea.

But Korean government debt has been higher than its A median peer group since 2005 due to the earlier placements of treasury bonds to finance foreign exchange interventions, the agency added.

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