Standard and Poor's raised South Korea's long-term sovereign credit rating to AA from AA-minus with a stable outlook, underscoring the country's record of steady economic growth and improved fiscal and monetary flexibility.
"We expect the rating to remain unchanged over the next two years. Beyond the outlook horizon, (South) Korea's economic performance could revert to the mean of other developed economies as (South) Korea's wealth levels rise further, its labour force ages, and Chinese growth moderates," it said in a statement on Monday.
The won erased some of its earlier losses against the dollar on the news and was trading nearly flat at 1,110.8 as of 0435 GMT.
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"We expect the rating to remain unchanged over the next two years. Beyond the outlook horizon, (South) Korea's economic performance could revert to the mean of other developed economies as (South) Korea's wealth levels rise further, its labour force ages, and Chinese growth moderates," it said in a statement on Monday.
The won erased some of its earlier losses against the dollar on the news and was trading nearly flat at 1,110.8 as of 0435 GMT.
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