South Korea has posted the biggest gain in sovereign ratings among members of the Organization for Economic Cooperation and Development (OECD) over the past decade thanks to its fiscal soundness and solid economic growth, a report showed Wednesday.
According to the report by the Korea Center for International Finance, three major global credit appraisers -- Standard & Poor's (S&P), Moody's Investors Service and Fitch Ratings -- rank South Korea's sovereign credit rating 14th among the 35 OECD members.
Currently, Moody's rates South Korea's sovereign rating "Aa2," S&P awards an "AA" rating, and Fitch gives Seoul an "AA-" rating.
Over the past 10-year period, Moody's and S&P have raised South Korea's sovereign rating by three notches each, while Fitch has hiked it up one spot.
A decade ago, South Korea's rating given by Moody's was the 28th highest, while S&P and Fitch rated Asia's fourth-largest economy at 24th.
According to the report, South Korea is the only country among OECD nations that has received three-notch gains from Moody's and S&P over the past decade.
The report attributed South Korea's sharp increase in credit ratings to its strong fiscal health and economic growth rate that has remained in the 2-3 percent range.
South Korea's sovereign credit ratings awarded by the three agencies are 3 notches higher than those for Japan. Ratings for Seoul by Moody's and S&P are two spots higher than those for China, while Fitch rates South Korea one notch higher than China, according to the report. (Yonhap News)