Moody's Investors Service has maintained a high sovereign credit rating for South Korea.

The Ministry of Strategy and Finance said on Wednesday that the global credit rating agency has kept the country’s credit rating at a stable Aa2, the third highest rating in Moody's system.

It is the first official opinion on the country announced by an international credit appraiser since the launch of the Moon Jae-in administration in May.

Moody’s also said it is revising up the country’s growth rate for this year by zero-point-three percentage points to two-point-eight percent.