S&P upgrades Korea

Standard & Poor's said it raised its foreign- and local-currency long-term credit ratings on the Republic of Korea to A+/AA- from A/A+ and raised the local-currency short term rating on the country to A-1+ from A-1.

The outlook on the long-term ratings is stable.

At the same time, the agency said it affirmed its foreign-currency short-term ratings at A-1 and revised its transfer and convertibility assessment on Korea to AA.

At the same time, the agency said it also raised the ratings on four Korean government-related entities: Export-Import Bank of Korea, Small Business Corp., Korea Housing Finance Corp., and Korea Finance Corp. The outlooks on these entities are stable.

S&P said the upgrade reflects its less negative assessment of the geopolitical risks on the Korean peninsula. The action follows what the agency said it judges to be a smooth change of leadership in the country.

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