Moody’s upgrades Korea

Moody's Investors Service said it upgraded the Republic of Korea's issuer and bond ratings to Aa2 from Aa3 and changed the outlook to stable from positive.

The agency also changed the foreign currency bank deposit ceiling to Aa2 from Aa3 and upgraded the senior unsecured rating to Aa2 from Aa3 and the senior unsecured shelf rating to provisional Aa2 from provisional Aa3.

The Aa1 foreign currency bond ceiling and the P-1 short-term country ceiling on foreign currency bank deposits and debt remain unchanged. The local currency country risk ceiling remains also unchanged at Aaa.

Moody’s said the key drivers of the upgrade are its expectations that: Korea's credit metrics will remain strong and resilient compared to rating peers; and Korea's very high institutional strength will support continued implementation of structural reforms, further promoting economic and fiscal resilience.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.