South Korea: Sovereign credit ratings

(measure: Sovereign rating index and outlook, source: Standard & Poor's, Moody's, and Fitch)
* indicates monthly or quarterly data series

Sovereign credit ratings in South Korea: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world.

Agency Rating Outlook Date
Fitch AA- Stable 8/2019
Standard & Poor's AA Developing 6/2019
Moody's Aa2 Stable 6/2019
Fitch AA- Stable 6/2019
Standard & Poor's NR NR 4/2019
Fitch AA- Stable 1/2019
Moody's Aa2 Stable 6/2018
Fitch AA- Stable 6/2018
Fitch AA- Stable 10/2017
Fitch AA- Stable 10/2016
Standard & Poor's AA Stable 8/2016
Fitch AA- Stable 7/2016
Fitch AA- Stable 2/2016
Moody's Aa2 Stable 12/2015
Standard & Poor's AA- Stable 9/2015
Moody's Aa3 Positive 4/2015
Standard & Poor's A+ Positive 9/2014
Fitch AA- Stable 9/2014
Fitch AA- Stable 8/2014
Fitch AA- Stable 7/2014
Fitch AA- Stable 6/2014
Fitch AA- Stable 5/2014
Fitch AA- Stable 4/2014
Fitch AA- Stable 3/2014
Fitch AA- Stable 12/2013
Fitch AA- Stable 10/2013
Fitch AA- Stable 9/2013
Fitch AA- Stable 7/2013
Fitch AA- Stable 6/2013
Fitch AA- Stable 5/2013
Fitch AA- Stable 3/2013
Standard & Poor's A+ Stable 9/2012
Moody's Aa3 Stable 8/2012
Moody's A1 Positive 4/2012
Fitch A+ Stable 6/2011
Fitch A+ Stable 9/2009
Fitch A+ Negative 11/2008
Moody's A2 Stable 7/2007
Moody's A3 Positive 4/2006
Standard & Poor's A Stable 11/2005
Standard & Poor's A Stable 11/2005
Fitch A+ Stable 10/2005
Fitch A Positive 9/2005
Standard & Poor's A Stable 7/2005
Moody's A3 Stable 6/2004
Moody's A3 Negative 11/2003
Moody's A3 Negative 2/2003
Moody's A3 Positive 11/2002
Standard & Poor's A- Stable 7/2002
Fitch A Stable 6/2002
Fitch BBB+ Positive 5/2002
Standard & Poor's BBB+ Stable 11/2001
Fitch BBB+ Stable 9/2000
Standard & Poor's BBB Positive 11/1999
Fitch BBB- Positive 4/1999
Standard & Poor's BB+ Positive 1/1999
Standard & Poor's BBB- Positive 1/1999
Fitch BB+ Positive 12/1998
Standard & Poor's BB+ Stable 2/1998
Fitch BB+ Positive 2/1998
Standard & Poor's B+ Developing watch 1/1998
Fitch B- Positive 1/1998
Standard & Poor's BBB- Negative watch 12/1997
Standard & Poor's B+ Negative watch 12/1997
Fitch B- Negative 12/1997
Standard & Poor's A- Negative watch 11/1997
Standard & Poor's A+ Negative 10/1997
Standard & Poor's AA- Negative 8/1997
Standard & Poor's AA- Stable 5/1995
Standard & Poor's A+ Positive 11/1994
Standard & Poor's A+ Negative 6/1994
Standard & Poor's A+ Positive 6/1989

Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating.

For all three credit rating agencies the ratings are divided into two large groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P and Fitch investment grade issues/issuers are those from BBB and above, while those from BB and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers from Baa3 and above, while ratings from Ba1 and bellow fall to the category of speculative grade.

All three agencies include modifiers into to their generic alphabet-based ratings for particular ranges. S&P and Fitch ratings are modified with “+” or “-“ from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major rating categories.

Rating outlooks indicate the direction the rating is likely to move over a one to two year period. In determining an outlook consideration is given to any changes in fundamental business conditions. Credit watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the three agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the outlook/watch is denoted as Developing.

Credit watches do not include Stable watch because they are only event-driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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