Moody's appraisal team to visit Korea

The Ministry of Finance and Economy revealed on Wednesday that a team of sovereign rating appraisers from Moody`s will visit Korea September 19-21 to perform a regular evaluation of the Korean economy.

Headed by director Thomas Byrne, Moody`s person in charge of the Korean sovereign rating, the team plans to visit the Ministry of Finance and Economy, The Bank of Korea, Financial Supervisory Commission and state-run economic research institutes for information on the government economic policies and the conditions of the Korean economy and financial markets, which are necessary for the adjustment of Korea`s sovereign rating.

An official from the ministry of finance and economy asserted that the purpose of the team¡¯s visit was not to raise the nation`s sovereign rating but to research the conditions of the Korean economy at present for regular evaluation.

Last December, Moody`s upgraded Korea`s sovereign rating by one grade, from the lowest grade for investment eligibility of Baa3 to Baa2.

Park Won-Jae parkwj@donga.com