Fitch rates Korea bond A+

Fitch Ratings said it assigned an expected long-term foreign-currency rating of A+ to the Republic of Korea's forthcoming benchmark dollar-denominated global bond. The rating is contingent upon receipt of final documents.

Fitch said it placed South Korea's long-term foreign-currency issuer default rating of A+ and long-term local-currency issuer default rating of AA on negative outlook in November 2008.

The negative outlook reflects concerns that the fiscal and foreign-exchange cost of funding the "de-leveraging" of the banking system, against the backdrop of a sharp slowdown in the economy and deterioration in bank asset quality, could erode Korea's external credit strengths, Fitch said.

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