South Korea's Ministry of Strategy and Finance said on Thursday that international credit ratings agencies show no movement of downgrading the nation's sovereign credit rating.

"International credit ratings agencies usually consult the government before they make any adjustments to the nation's credit ratings," said Song In-chang, head of International Finance Depart in the finance ministry, said.

"Thus far, there has not been a single credit agency that contacted the government on such matters," he added.

According to Song, the market may have misinterpreted Fitch Ratings' Teleconference "Non-Japan Asia-Pacific Structured Finance Outlooks" held on Wednesday as a pessimistic sign on South Korea's credit rating. He added there is no such case as to downgrade credit ratings during a teleconference.

Fitch Ratings currently maintains South Korea's sovereign credit rating at "A+" and a "negative" outlook for the country. Moody's and Standard and Poor's show no sign of lowering South Korea's credit ratings either, according to the government.

(Xinhua News Agency February 5, 2009)