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Seoul, S&P to begin annual consultation meetings next week

Published: 06 Mar. 2025, 18:17

Acting President Choi Sang-mok speaks during a virtual meeting with global credit appraisers at his office in Seoul on Dec. 13, 2024. [YONHAP]

Korea will begin its annual consultation meetings with global credit rating agency S&P Global Ratings (S&P) next week to discuss the country's credit evaluation and other key issues, the Ministry of Economy and Finance said Thursday.

S&P officials will visit various government institutions, including the Bank of Korea, for a five-day assessment starting Monday before deciding on the country's sovereign rating, the ministry said. The meeting comes in the wake of political unrest following President Yoon Suk Yeol's brief imposition of martial law on Dec. 3 and his subsequent impeachment.

S&P maintained Korea's long-term sovereign credit rating at "AA," the third-highest level in its ranking system. The country has held this position since August 2016, when the rating was upgraded from "AA-."

Since the political turmoil, the Korean government, under acting President Choi Sang-mok's leadership, has made efforts to maintain the nation's credit stability by holding a series of virtual meetings with global appraisers.

Last month, another global credit rating agency, Fitch Ratings, kept the country's sovereign rating at "AA-" with a stable outlook.

Yonhap