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 stable.

South Korea's ratings continue to balance its credit strengths in terms of fiscal prudence, strong sovereign balance sheet and improved external finances against the ongoing risks associated with North Korea, Fitch said, as well as contingent liabilities in the banks and wider public sector.

South Korea's highly diversified industrial and export base has proven to be resilient, the agency said.

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