Bloomberg News

Fitch Analysts to Visit South Korea July 10-12 for Annual Review

July 07, 2012

Fitch Ratings analysts will visit South Korea for their annual review of Asia’s fourth-largest economy, the Finance Ministry said.

The analysts will hold meetings with central bankers, government officials and think tanks from July 10 to 12, the ministry said in an e-mailed statement. Fitch will focus on the country’s household debt, the financial soundness of local banks, the potential impact of the euro-area crisis on the economy and geopolitical risk, according to the statement.

The ratings company revised its outlook for South Korea’s long-term foreign currency issuer default rating to “positive” from “stable” and affirmed the A+ rating on Nov. 7.

“Sovereign creditworthiness is strengthening as the sovereign and external balance sheets growth more resilient,” Andrew Colquhoun, head of Asia-Pacific Sovereigns at Fitch, said in a statement at the time. “However, a heavy external debt refinancing burden in 2012 and the volatile global economic and financial environment pose risks for the export-oriented economy. Successfully navigating these challenges over 2012 would support the case for an upgrade.”

To contact the reporter on this story: Cynthia Kim in Seoul at ckim170@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net


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