Korea has posted the biggest gain in sovereign ratings among members of the OECD over the past decade, a report showed on Nov. 8.
According to the report by the Korea Center for International Finance, three major global credit appraisers -- Standard & Poor’s, Moody’s Investors Service and Fitch Ratings -- rank Korea’s sovereign credit rating 14th among the 35 OECD members.
Currently, Moody’s rates Korea‘s sovereign rating Aa2, S&P awards an AA rating, and Fitch gives Seoul an AA- rating.
Over the past 10-year period, Moody’s and S&P have raised the sovereign rating by three notches each, while Fitch has hiked it up one spot.
The report attributed the sharp increase in credit ratings to its strong fiscal health and economic growth rate that has remained in the 2-3 percent range.
By Alex Lee and newswires (firstname.lastname@example.org