Moody's Investors Service, one of major global credit agencies, said Wednesday that it has raised its sovereign credit rating on South Korea by one notch to "A1," citing the nation's "exceptional level" of economic resilience to the global crisis.
The upgrade comes after Moody's had retained the six-highest investment grade of "A2" on Korea since July 2007. The outlook on the rating remains "stable," the agency said in an e-mailed statement.
"The change has been prompted by Korea's demonstration of an exceptional level of economic resilience to the global crisis, while containing the government's budget deficit," Tom Byrne, a Moody's senior vice president, said in the statement.
"The Korean economy is responding rapidly to the improving global economic environment, and the government has put in place supportive policy measures which should help sustain economic growth over time," he added.