Fitch ratings are upbeat on Korea, until you get to the end bit …

  • Affirms Korea at 'AA-'; outlook stable
  • Korea's growth performance remains strong and has been resilient to fluctuations in perceptions of geopolitical risk
  • Affirmed Korea's long-term foreign-currency issuer default rating (IDR) at 'AA-' with a stable outlook
  • Korea's sovereign ratings balance robust external finances and strong macroeconomic performance with ongoing geopolitical risk from relationship with North Korea
  • Threat of a trade war between US and China represents a downside risk to Korea's growth outlook

Remember that old song, 2 outta 3 ain't bad? Meatloaf wasn't it?