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 is revised to stable from negative.

South Korea's sovereign credit fundamentals have regained ground against the A peer group, warranting an outlook revision to stable, Fitch said.

Earlier pressure on the sovereign's external balance sheet posed by domestic banks' foreign-currency funding distress during the global credit crunch in the fourth quarter of 2008 have eased significantly since the second quarter of 2009, the agency said.

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