Fitch affirms Korea

Fitch Ratings said it affirmed the Republic of Korea's long-term foreign and local currency ratings at A and AA-, respectively, and the short-term rating at F1.

The country ceiling was also affirmed at A+. The outlook is stable.

The agency said that, despite a forecast slowdown in economic growth to 3.4% in 2005, Korea's sovereign credit fundamentals remain strong.

Foreign exchange reserves exceed $200 billion, underpinning an external liquidity position that provides considerable support to the ratings, Fitch noted.

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