Global credit rating agency Moody's Investors Service has maintained its sovereign credit rating for South Korea at "Aa2" with a stable outlook.

According to the Ministry of Economy and Finance on Friday, Moody's kept its rating, reflecting the robust growth outlook and the country's responses to mid- and long-term risks such as the aging society.

Aa2 is the third highest of Moody's sovereign ratings after Aaa and Aa1.

Moody's projected in its report that despite soaring energy prices, the South Korean economy is expected to grow two-point-seven percent this year on the back of robust exports and the recovery in private consumption.

However, the credit appraiser said the country's debt level will likely remain high as the burden from supporting an elderly society will increase. It added that the South Korean government has yet to present specific plans to expand its revenue to cover the rising expenses and reduce fiscal deficit.