S&P, Moody's, Fitch: "Korea's Credit Rating Remains Stable"

Meeting with the Big Three Credit Rating Agencies

"Feeling Strong Resilience Amid Political Turmoil"

Vice Minister Choi: "System Operating Normally"

The three major global credit rating agencies, Standard & Poor's (S&P), Moody's, and Fitch, met with Vice Minister of Economy and Finance Choi Sang-mok and assessed that Korea's national credit rating remains stable.

According to the Ministry of Economy and Finance on the 13th, Vice Minister Choi met with senior officials from global credit rating agencies such as S&P, Moody's, and Fitch at the government complex in Seoul the previous day to explain the recent domestic political situation and the government's response direction. Attendees included Roberto Sifon Arevalo, Global Head of Sovereign Ratings at S&P, Marie Diron, Global Head of Sovereign Ratings at Moody's, and James Longsdon, Global Head of Sovereign Ratings at Fitch.

On this day, Vice Minister Choi stated, "Even during the two past presidential impeachments, the impact on the economy was limited," and "All national systems in Korea are operating normally as before." He continued, "We will ensure that foreign investors and others can engage in stable investment and management activities without issues," urging interest and trust in the Korean economy.

According to the Ministry of Economy and Finance, global credit rating agencies unanimously stated, "Despite the recent political situation, Korea's national credit rating remains stable," and "We rather felt the institutional strength and resilience of Korea." S&P noted, "The most important aspect is that the national system functioned well despite the recent events," adding, "The swift market stabilization measures by financial authorities demonstrate how robust Korea's economic system is."

Moody's agreed, "We concur that there is no likelihood of downside risks to the Korean economy materializing," and evaluated, "Korea's solid rule of law supports its high national credit rating." Fitch reaffirmed, "This situation does not threaten Korea's credit rating," and praised the government's efforts to transparently explain the situation.

Reporter Park Sang-yong yourpencil@hankyung.com