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Fitch IBCA Raises Korea"s Credit Rating to "Investment Possible"

Jan 19,1999
Fitch IBCA, one of the three major credit rating agencies in the world, raised its sovereign credit rating for Korea to the 'investment possible' level.
In a directors meeting on January 19, Fitch IBCA of the United Kingdom raised Korea's sovereign credit rating by one grade from BB+ to BBB-, the first grade of the 'investment possible' level.
This is the first time Korea has been at the 'Investment possible' level in 13 months since Korea entered under IMF management.
Accordingly, it is forecasted that Standard & Poors and Moody's will also raise their sovereign credit rating for Korea to the 'Investment possible' level within the next month at the earliest.
Fitch IBCA forecasted that Korea's current account surplus will reach at least 30 billion dollars this year, and the country will become a net creditor nation by year-end.
The agency diagnosed that there is little possibility that another foreign exchange crisis will occur in Korea.
The agency advised that Korea will have to accelerate its current restructuring in order to solve structural problems in which companies are struggling with too much debt and financial institutions are engaging in unwise lending practices.


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