South Korea’s consumer sentiment has improved for a second consecutive month, boosted by the recent upgrade of the country’s sovereign credit rating and domestic stock rally.

According to the Bank of Korea on Friday, the nation’s composite consumer sentiment index(CCSI) for August stood at 102, up by a point from the previous month. 

It marks the highest level in eight months and a growth for two months in a row, following the increase from 99 in June to 101 in July.

A CCSI reading above the benchmark 100 means that optimists outnumber pessimists.

The central bank said Standard & Poor’s decision early this month to raise the long-term credit rating for South Korea to AA from AA- boosted the consumers’ perception of the economic situation. 

The BOK also gave credit to recent rallies on the country’s main bourse KOSPI and the government’s expansionary fiscal measures, including an extra budget plan.