Rating Agencies Raise Korea’s Credit Grade, Won Strengthens
The South Korean won gained today after Fitch Ratings raised the nation’s credit rating, following the same move by Moody’s Investor Service. The decision was explained by the ability of South Korea to withstand the negative influence from the global economic slowdown.
Fitch increased Korea’s sovereign grade to AA-, the same rating as Saudi Arabia has and one notch above Japan’s and China’s rates. Earlier, Moody’s upgraded South Korea one notch to Aa3, the same level as China and Japan. The Asian country fares relatively well amid the problems of the global economy and that let the rating agencies think that the quality of the nation’s credit is high.
USD/KRW fell 0.28 percent to $1,130.4000 as of 23:43 GMT today.
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Earlier News About the South Korean Won:
- Won Weakens as US Data Hurts Risk Appetite (2012-09-04)
- Won Falls as Uncertainty Eats Away Risk Appetite (2012-08-30)
- South Korean Won Rises, Trims Gains on Concerns for Global Economy (2012-08-20)
- Won Gains on Brighter Outlook for Europe (2012-08-07)
- Won Climbs as Current Account Reaches Record High (2012-07-27)