Finance chief holds annual consultations with Moody's on sovereign credit rating
Finance Minister Koo Yun-cheol, left, with Anushka Shah, vice president of Moody's Investors Service, hold a meeting in Seoul, Aug. 8. Yonhap
Finance Minister Koo Yun-cheol held annual consultations with Moody's Investors Service last week, underscoring the need for "bold fiscal input" to support economic growth, the finance ministry said Sunday.
The meeting, which was held Friday in Seoul, brought together Koo and a credit assessment team from Moody's led by Anushka Shah, vice president of the agency's Sovereign Risk Group, the ministry said in a statement.
"We will support growth by generating high-productivity investment effects through bold fiscal input," Koo was quoted as saying.
His remarks reaffirmed the government's policy direction of enhancing fiscal spending as a counter-cyclical tool to stimulate growth while ensuring long-term fiscal sustainability.
Koo also emphasized efforts to implement "performance-oriented" fiscal management through bold structural reforms, the ministry said.
Based on the consultations, Moody's is expected to announce its updated sovereign credit rating for Korea within the next two to three months, the ministry said.
Moody's has maintained its credit rating on Korea at Aa2, the third-highest level on the company's table, since 2015, with a stable rating outlook.