Moody's upgrades S.Korea bond rating

SEOUL, April 14, 2010 (AFP) - Global agency Moody's said Wednesday it has upgraded its rating on South Korea's government bonds following the country's exceptional resilience to the global economic crisis.

Moody's Investors Service said in a statement it has changed the ratings to A1 from A2 and maintains a stable outlook.

"The change has been prompted by Korea's demonstration of an exceptional level of economic resilience to the global crisis, while containing the government's budget deficit," said senior vice president Tom Byrne.

Moody's said the economy was responding rapidly to the improving global outlook and the government had put policy measures in place which should help sustain economic growth over time.

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