Finance Minister Yoo Il-ho has urged global credit rating agencies to maintain their positive views on South Korea's credit rating, assuring them the country is swiftly responding to economic issues in the wake of President Park Geun-hye’s impeachment.
 
The Finance Ministry said that Yoo met with Fitch Ratings’ global head of sovereign ratings James McCormack in London on Thursday and then met with Standard and Poors’ chief rating officer Moritz Kraemer in Germany on the same day.
 
The finance minister, who doubles as the deputy prime minister for economic affairs, told the meetings that the government will ensure stable management of macroeconomic indicators through careful monitoring and swift responses to risk factors at home and abroad.
 
The minister held the meetings before attending the G-20 finance ministers’ and central bankers’ meeting in Germany set for Friday and Saturday.
 
Fitch and S&P cited household debt, trade disputes with China and North Korea’s missile launches as major risks for the South Korean economy, although they viewed that the Constitutional Court’s ruling to uphold Park’s impeachment significantly removed political uncertainties.