Global rating agency Moody’s Investors Service said Wednesday that it will maintain its Aa3 sovereign credit rating for South Korea next year.
 
During a media conference in Yeouido, Seoul, Moody’s Vice President Steffen Dyck said Moody’s is supporting an Aa3 rate for South Korea, noting that the country’s fiscal health is very good.
 
Dyck praised the safety of the local financial market, speaking highly of the government’s continuous efforts to deregulate and reform the market in order to enhance its competitiveness and improve its vulnerability to external factors.
 
But, he pointed out that weakening exports, as well as shrinking consumer sentiment, growing household debt and a demographic change will be stumbling blocks to the short- and long-term growth of the country.
 
Meanwhile, Moody’s has maintained their positive outlook for many South Korean companies next year, saying they will retain a stable credit rating despite negative macroeconomic prospects.