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Moody's says S. Korea's fiscal health and foreign reserves in good shape

All Headlines 15:20 September 06, 2016

SEOUL, Sept. 6 (Yonhap) -- A delegation of U.S. ratings agency Moody's Investors Service said South Korea's fiscal health and foreign reserves are in good shape, the central bank said Tuesday.

The delegation led by Marie Diron, senior vice president at Moody's, also said South Korea's economy shows signs of relatively solid growth compared with other economies.

The delegation made the assessment in a meeting with Bank of Korea Governor Lee Ju-yeol in Seoul.

As of the end of August, South Korea's foreign exchange reserves came to US$375.46 billion, up $4.08 billion from the previous month, according to data compiled by the Bank of Korea.

Lee said Moody's upgrade of South Korea's rating contributed to enhancing global confidence in Asia's fourth-largest economy amid heightened volatility in global financial markets.

Moody's upgraded the rating for South Korea to "Aa2" in 2015, the third-highest level on the company's table, while Standard and Poor's also upgraded Korea's ratings to "AA" last month. Fitch has maintained the fourth "AA-" grade for Korea since June 2012.

Moody's says S. Korea's fiscal health and foreign reserves in good shape - 1

entropy@yna.co.kr
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