Fitch: Balance for Korea by 2011

Fitch Ratings said Korea, rated A+ with a stable view, is expected to be one of the six sovereigns to be able to return to fiscal balance from a deficit position by 2011.

The credit for the robust recovery of Korea's economy from one of the worst financial crisis goes to the policymakers' swift and targeted response, Fitch said, and their conservative fiscal agenda.

Although Korean banks' external debt had put the sovereign balance sheet at risk in late 2008, the policymakers' fast and focused response, such as interest rate cuts and government guaranteed external borrowing for banks has paid off, the agency said.

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