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News Briefing
Fitch maintains Korea’s sovereign credit rating at “AA-” with a “stable” outlook
Apr 2024
Fitch reaffirmed Korea’s sovereign credit rating at “AA-” with a “stable” outlook on March 6. Fitch assessed that credit rating reflected Korea’s robust external finances, resilient macroeconomic performance and a dynamic export sector, despite geopolitical risks related to North Korea, lagging governance indicators relative to ‘AA’ category peers and structural challenges from an ageing population. Fitch forecasted South Korea’s real economic growth rate for this year at 2.1% driven by a rebound in exports. To be specific, the semiconductor industry is expected to continue to rebound through 2025 on the back of AI-driven demand. 

Fitch expected Korea’s fiscal deficit to decrease on the back of the government’s commitment to maintaining sound fiscal policy and external finances.