Global Appraiser Moody\’s revises up S. Korea\’s sovereign rat

SEOUL, April 14 (Xinhua) — Global Appraiser Moody\’s on Wednesday revised up S. Korea\’s sovereign ratings by one notch to \’A1\’ as the nation demonstrated an \”exceptional level of economic resilience to the global crisis,\” the company said.

The appraiser has been keeping South Korea\’s rank at the sixth- highest grade of \”A2\” since July 2007, while keeping its outlook on the rating fixed at \”stable,\” the agency said in a 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.

The revision is the first time in a decade for South Korea to regain the level before the 1997-98 Asian Financial Crisis with Moody\’s being the start among the world\’s three major credit agencies to allow the recovery.

Moody\’s forecasted that the South Korean economy will expand 5 percent in 2010, saying that it will be able to achieve the outlook \”even as fiscal stimulus measures are wound down.\”

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