Government to Hold Annual Consultation with Fitch on 'Sovereign Credit Rating Assessment'

Rating Assessment Results Expected Before Year-End

The government will hold its annual consultation with Fitch, one of the three major international credit rating agencies, as part of its sovereign credit rating assessment. A decision on South Korea’s sovereign credit rating following the consultation is expected before the end of the year.

The Ministry of Finance and Economy said the Fitch delegation, including Thomas Rookmaker, head of sovereign ratings for Asia-Pacific, and Sagarika Chandra, director responsible for sovereign ratings, will visit South Korea from November 3 to 5 for the annual rating consultation.

The delegation will meet with government ministries, including the Ministry of Finance and Economy, the Ministry of Planning and Budget, and the Ministry of Unification, as well as relevant institutions such as the Bank of Korea, the Korea Institute for International Economic Policy (KIEP), and the Korea Development Institute (KDI). Discussions are expected to cover key areas of interest, including macroeconomic trends and outlook, trade, monetary policy, and fiscal policy.

Fitch holds annual consultations with major institutions, including the Ministry of Finance and Economy, and assesses South Korea’s sovereign credit rating based on the discussions and other information.

The sovereign credit rating assessment reflecting the outcome of this year’s consultation is expected to be announced in the fourth quarter.

The government plans to arrange an in-person meeting between Deputy Prime Minister and Minister of Finance and Economy Lee Hyeong-il and the Fitch delegation.

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