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Korea posts biggest gain in credit rating among OECD countries Updated: 2017-11-09 07:30:08 KST


Korea has posted the biggest gain in sovereign ratings among members of the Organisation for Economic Co-operation and Development over the past decade.
According to the Korea Center for International Finance Wednesday, the three major global credit rating agencies, S&P, Moody's and Fitch ranked Korea's sovereign credit rating 14th out of 35 OECD members.
Moody's rated Korea's sovereign rating "Aa2," S&P gave Korea an "AA" rating, and Fitch gave it an "AA-" rating.
These are the third highest grades on Moody's and S&P's ratings scale, and the fourth highest for Fitch, placing Korea ahead of China and Japan.
Over the last ten years, Moody's and S&P have upgraded Korea's sovereign rating by three notches each, while Fitch has raised it up one spot.
Only five countries including Turkey, Chile and Mexico saw their sovereign ratings upgraded by Moody's over the same period, making Korea the only country in the OECD that has received three-notch gains from Moody's and S&P.
The report attributed the hike to Korea's fiscal soundness and solid economic growth rate that has remained in the two to three percent range.
OECD countries that suffered from the fiscal crisis, however, saw their sovereign credit ratings go down.
Greece saw the biggest downgrade by Moody's, with a fall of 13 notches. And Italy, Portugal, Iceland and Japan all saw their ratings drop due to concerns over their fiscal soundness.
Kim Hyesung, Arirang News.
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