Despite South Korea lowering its growth rate for this year,... global ratings agency Standard & Poor's has kept the country's rating stable at AA.<br />It said the South Korean economy remains stable despite some potential downside risks.<br />Yoon Jung-min has the details.<br />Standard & Poor's has maintained South Korea's sovereign credit rating at (double-A) AA for over three years now.<br />The global ratings agency explained South Korea's economy has strong fundamentals and is well-diversified, meaning it doesn't depend on a certain industry or export.<br />It added the country's growth rate is solid compared to other high-income countries.<br />It also forecast South Korea's GDP per capita to rise from about 32-thousand U.S. dollars this year to 35-thousand dollars in 2022.<br />Short-term GDP growth is expected to hover at around 2-percent,... according to the ratings agency.<br />S&P saw South Korea's economy as rather stable,... based on its foreign bond status and sound fiscal performance, which is unlikely to turn to a deficit even though the government's revenue is slowly declining.<br />However, S&P said South Korea's exports have been slowing... and the trade spat between Seoul and Tokyo has raised uncertainties, which in turn have affected investment sentiment.<br />It recommended South Korea increase its productivity, especially considering its rapidly aging population.<br />It also warned of higher household debt, but took into account efforts to lower the risks of bankruptcy by reining in the lending sector.<br />Another possible risk, the agency says, is the security threat posed by North Korea.<br />S&P has kept South Korea's rating at (double-A)AA since August 2016,... when it was upgraded from (double-A-minus)AA-.<br />Other global ratings agency,... including Moody's and Fitch, also have South Korea's rating as stable.<br />Yoon Jung-min, Arirang News.<br />
