Fitch affirms Korea

Fitch Ratings said it affirmed the Republic of Korea's long-term foreign and local currency ratings of A and AA-, respectively. At the same time, the agency also affirmed Korea's short-term rating at F1. The outlook is stable.

Fitch said a combination of high oil prices, the slowdown in China, the downturn in the information technology sector and the abrupt end to domestic household credit growth is taking its toll on the Korean economy.

The authorities have responded with workout programs for delinquent consumer borrowers, tax cuts, public spending increases and an August reduction in policy interest rates, according to Fitch.

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