Moody’s coming to Korea to check finances, economy

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Moody’s coming to Korea to check finances, economy


Moody’s Investors Service will visit Korea this week as part of an annual review of the country’s sovereign credit rating after the company raised its outlook on Asia’s fourth-largest economy in April.

Moody’s analysts will meet central bankers, government officials and regulators from Tomorrow to Friday, the Finance Ministry said in an e-mailed statement.

Consultations will focus on topics such as mid to longterm fiscal management and the effects of Europe’s debt crisis, according to the statement, which didn’t mention the timing of any potential rating change.

Moody’s, on April 2, cited Korea’s “very strong and improving fiscal fundamentals” in raising its outlook to positive from stable.

Since then Korea has cut its growth outlook as Greece’s potential exit from the euro zone and rising Spanish borrowing costs deepen Europe’s crisis.

While Asia’s fourth-biggest economy posted the fastest growth in a year in the first quarter, exports declined for the third month in May.

The central bank on April 16 cut its economic growth forecast for this year to 3.5 percent from 3.7 percent.
Bloomberg

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