SEOUL, Aug. 22 (Xinhua) -- Global credit rating appraiser Fitch on Thursday confirmed its sovereign credit rating on South Korea at AA-minus, keeping its outlook at "stable".
The Ministry of Strategy and Finance said that the credit rating company announced such reports, noting that the Fitch cited the country's solid fundamentals as positive factor.
The rating company forecast that the South Korean economy would grow 2.6 percent in 2013 before expanding 3.4 percent in 2014. The economy rose 2.6 percent in the first quarter and 2.3 percent in the second quarter each.
The economy's resilience against possible external shocks was improved, the rating agency assessed, saying that the economy has been dealing well with global risk aversion.
It was attributable to a fall in short-term foreign debts, sufficient foreign reserves and the current account surplus trend, the ministry said.
Touching on risk factors, the rating agency said that massive household debts can be buffered by macroeconomic soundness and policy flexibility. Debts in the public sector can be tackled by a hike in utility fees.