Credit ratings agency Moody's forecasts South Korea's economy to grow next year at a relatively weak 2.1 percent.
It's also pessimistic about Korean companies.
Moody's said told a press briefing in Seoul today that export dependent companies are seeing weaker profitability because of trade disputes.
This is especially true, it said, for industries that are in a down cycle like semiconductors and chemicals.
The agency has given negative outlooks to 14 out of 24 rated companies.
Korea's sovereign credit rating, however, will stay at the second-highest level of double-A.