Moody's boosts South Korea

Moody's Investors Service said it changed South Korea's government bond ratings to A1 from A2 and maintains a stable outlook.

Moody's also moved the ceiling applied to foreign-currency bonds issued in Korea to Aa2 from Aa3, and moving the ceiling applied to foreign-currency bank-deposits to A1 from A2. The local-currency bond and bank deposit ceilings remain at Aa1.

The change has been prompted by Korea's demonstration of an exceptional level of economic resilience to the global crisis, while containing the government's budget deficit, Moody's said.

The Korean economy is responding rapidly to the improving global economic environment, the agency said, and the government has put in place supportive policy measures that should help sustain economic growth over time.

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