S&P affirms Korea

Standard & Poor's said it affirmed its A/A-1 long- and short-term foreign currency and A+/A-1 long- and short-term local currency ratings on the Republic of Korea.

The outlook on the long-term ratings remains stable.

"The affirmation incorporates a balance of factors between Korea's economic, fiscal and external strengths with high contingent risks and delays in implementing structural reforms such as in the labor market and SME sector," said S&P credit analyst Takahira Ogawa.

Since Korea's public sector became a net external creditor in 2000, the agency said that the government's net external position has strengthened because of rising reserves and is projected to reach 48% of current account receipts for 2006.

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