Global credit rating agency Standard and Poor’s(S&P) has sharply lowered its economic growth outlook for South Korea for this year to one-point-six percent. 

S&P presented the revised outlook on Wednesday in its credit report on the country's largest retailer Emart.

S&P slashed its growth outlook for the country from two-point-one percent to one-point-six percent, saying the outbreak of the novel coronavirus, or COVID-19, will have a negative effect on the Korean economy this year. 

South Korea's economy expanded two percent last year and two-point-seven percent in 2018. 

Meanwhile, S&P maintained Emart's credit rating at BBB-, but reduced its outlook from "stable" to "negative,"  projecting the retailer will face continued difficulties in business conditions.