韩国公布6国国家信用等级

PleasecontactGeneralManagerJDKimoftheInternationalBusinessDepartmentat82.2.2014.6312.ThispressreleaseandsummaryreportsarealsoavailablethroughthewebsiteofNICEInvestorsService().1/8PressReleaseNICEInvestorsServiceNICEBuilding,14-33,Yeouido-dong,Yeongdeungpo-gu,Seoul150-010,KoreaTEL02-2014-6200/FAX[phone]Title:NICEInvestorsServiceannouncesitssovereigncreditratingsonsixcountriesforthefirsttimeinKorea(Abstract)1.SovereignCreditRatingsontheSixSovereignIssuers[SovereignCreditRatings]SovereignIssuersForeignCurrencyRatingLocalCurrencyRatingRepublicofKoreaAA/StableAA+/StableMalaysiaA/StableA+/StableThailandBBB+/StableA-/StableBrazilBBB/StableBBB+/StableIndonesiaBBB-/StableBBB/StablePhilippinesBB+/StableBBB-/Stable2.SignificanceoftheSovereignCreditRatingsbyNICEInvestorsService1)SovereigncreditratingsissuedbyaKoreancreditratingagencyforthefirsttimeinthehistoryofitsfinancialmarkets,reinforcingKorea’seconomicstatus;2)ContributingtoenhancingtheefficiencyoftheglobalfinancialmarketscurrentlydominatedbyglobalCRAsbyprovidingmorediverseinput;3)Layingfoundationforsystematicanalysisoftheoverseasmarket,aprerequisitefortheKoreanfinancialplayerstomakeinroadsintotheoverseasmarkets;and4)AllowingKoreatoemergeasaglobalfinancialhubbyeffectivelylinkinglocalinvestorswiththeissuersintheratedsovereignsPleasecontactGeneralManagerJDKimoftheInternationalBusinessDepartmentat82.2.2014.6312.ThispressreleaseandsummaryreportsarealsoavailablethroughthewebsiteofNICEInvestorsService().2/8NICEInvestorsService(Dr.LeeYong-Hi,CEOandViceChairman)releasedthesovereigncreditratingsonthesixsovereignissuersincludingtheRepublicofKoreaonApril13th,2011.[SovereignCreditRatings]CountriesForeigncurrencyratingLocalcurrencyratingKoreaAA/StableAA+/StableMalaysiaA/StableA+/StableThailandBBB+/StableA-/StableBrazilBBB/StableBBB+/StableIndonesiaBBB-/StableBBB/StablePhilippinesBB+/StableBBB-/StableNote:Refertotheappendixandsummaryreportsoneachsovereignforkeyratingfactors.NICEInvestorsServicehasembarkedonitsresearchonsovereignratingsince2007andassignedtheabovementionedsovereignratingsonthesixcountriesafterconductinganin-depthanalysisandduediligencebasedonitsproprietaryratingmethodologiespublishedinJune2010.Inaddition,theexternaladvisorycommitteehasbeensetuptoreinforcethefairnessandobjectivityofitsratingactions.TheannouncementofthesovereigncreditratingsonthesixsovereignsisonlyapartofNICE’sblueprintonthesovereignratingserviceasitplanstoexpanditsrateduniverseofsovereignissuerstoincludethosecountriesinwhichlocalinvestors,financialinstitutionsandcorporationshaveinterest.Thefirstannouncementofthesovereigncreditratingsbythelocalcreditratingagencycarriesthefollowingimplicationsforthedomesticandglobalfinancialmarkets.Sovereigncreditratingiscriticalinformationnotonlyforsovereignissuersbutalsoforcorporationsandfinancialinstitutionsofaspecificsovereignwhendeterminingtheyieldofthebondsbeingissued.Moreover,sovereigncreditratingalsoservesasacriticaltoolininvestmentdecisionmakingforthosecorporationsplanningtomakeinroadsintoanoverseasmarket.Untilrecently,despitesuchprofoundsignificance,sovereigncreditratingsissuedbyglobalcreditratingagencies(CRAs)wereperceivedasonlyeffectiveratings,andtheytendtohavedominantinfluenceovertheglobalfinancialmarkets.PleasecontactGeneralManagerJDKimoftheInternationalBusinessDepartmentat82.2.2014.6312.ThispressreleaseandsummaryreportsarealsoavailablethroughthewebsiteofNICEInvestorsService().3/8AftertheonsetoftheunprecedentedglobalfinancialcrisistriggeredbytheUSsub-primecrisisanditsspillingoverintoEuropeansovereigndebtcrisis,however,globalCRAshavebeencriticizedforissuingundulyfavorableratingsonsomecountriesasopposedtoassigningabiasedratingonAsianandLatinAmericanemergingmarketcountries.Duringtherecentglobaleconomicboomlastedfrom2004untilthefirsthalfof2008,recklessspendingandexcessiveborrowingsofsomeEuropeangovernmentsledtoaggravatedfiscalsoundnessanddeterioratingassetqualityofthefinancialsector.Theyhavelostagrowthengineastheyfailedtocarryoutboldrestructuringintheindustrialandlabormarkets.Ontheotherhand,manyoftheAsianandLatinAmericanemergingmarketcountriesarebackongrowthtrackastheyhaveundertakenfiscalreformstosecurefiscalsoundness;reinforcedtheefficiencyofthefinancialinstitutions;andimplementedrequiredrestructuringinthevarioussectors.However,globalCRAsfellshortofbreakingawayfromadvancedcountryorientedcreditratingpractice,showingreluctancetoincorporatetherapidchangesintheglobalmarketintotheirratingupdates.Sincethefinancialcrisisin2008,someEuropeancountries,whichreceivedahighcreditratingfromglobalCRAs,havefallenintothesovereigndebtcrisistrapandarestilllookingforawayoutwhileAsianandLatinAmericanemergingmarketcountrieswitharelativelylowcreditratingfromglobalCRAshaveshownrapideconomicrecoveryunderpinnedbysolidmacroeconomicstabilityandrobustfinancialsectorsoundness.ThereleaseofthesovereigncreditratingsbyNICEInvestorsServicecarriesthefollowingsignificancefromtheglobalfinancialmarkets’perspective.First,itisthefirstsove