Fitch lifts Korea

Fitch Ratings said it upgraded Korea's long-term foreign-currency issuer default rating to AA- from A+, along with its short-term foreign-currency issuer default rating to F1+ from F1 and country ceiling to AA+ from AA.

Korea's long-term local-currency issuer default rating also was affirmed at AA.

The outlook is stable.

The upgrades reflect Korea's continued economic and financial stability in a volatile global environment and a strong macroeconomic policy framework, including sustained fiscal discipline, Fitch said.

It also takes into account strong structural fundamentals, including an income level and social and political stability that are not out of line with the AA rating range, the agency said.

Risks associated with North Korea remain relevant, but are not inconsistent with an AA- rating, Fitch added.

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