Anchor: Global rating agency Moody's has upgraded South Korea's sovereign credit rating to Aa2, Korea’s highest-ever rating received from an international credit appraiser. Moody's cited the country's high economic growth and its per capita income nearing levels of European nations. 
Our Kim Soyon has more. 
 
Report: Moody's Investors Service has upgraded South Korea's sovereign credit rating from Aa3 to Aa2. 
 
The New York-based global credit appraiser announced its latest assessment on Friday, changing the nation's outlook from positive to stable.
 
This is the first time that South Korea has received Aa2 ratings from one of the Big Three credit rating agencies.
 
In the previous assessment in April, Moody's retained Korea's rating at Aa3 and raised the outlook from "stable" to "positive."
 
Moody's said that its upgrade is based on expectations that Korea's credit metrics will remain strong and resilient.
 
It said Korea's per-capita incomes will also continue to converge with those of advanced economies in Europe.
 
Moody's also expects Korea to continue to post small fiscal surpluses of around half a percent of its gross domestic product over the rating horizon and general government debt to remain stable at around 40 percent of the nation's GDP. 
 
It also noted that South Korea's total external debt, measured at 30 percent of its GDP in 2014, is at the lower end of its peer group.
 
The ratings agency also underlined that the proportion of short-term external debt in Korea has fallen to less than 30 percent of total external debt from around 50 percent in 2006 and 2007. 
 
Moody's said that Korea's very high institutional strength will support continued implementation of structural reforms, further promoting economic and fiscal resilience.
 
As for possible downward risks, the agency cited backpedaling in structural reform, deterioration in state finances and escalation in geopolitical risk factors.
 
Only seven out of the Group of 20 nations are rated at Aa2 or above, including South Korea, the U.S., Germany, Canada, Australia, the U.K. and France.
Kim Soyon, KBS World Radio News.