Fitch upgrades outlook for Korea's sovereign rating to 'stable'

SEOUL, Sept. 2 (Yonhap) --- Global credit appraiser Fitch Ratings has upgraded
its outlook for South Korea's sovereign rating to "stable" from "negative," amid
growing signs of market stabilization, the finance ministry said Wednesday.
The upgrade comes after Fitch lowered its outlook for South Korea's rating from
"stable" to "negative" in November last year, reflecting the impact of the global
financial turbulence on its economy.
The latest decision was based on the conclusion of a three-day visit by a Fitch
delegation in July to assess the country's economic and financial conditions, the
ministry said.
Fitch, however, kept its sovereign rating for South Korea at "A plus," the
fifth-highest investment grade, since it upgraded the rating by one notch from
"A" in October 2005.
It is still a step lower than the "AA minus" that the country held just before
the Asian financial crisis in the late 1990s.
kokobj@yna.co.kr
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