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Canada Goose sale Fitch Affirms Korea Canada Goose Online at ‘AA

Canada Goose Jackets (The following statement was released by the rating agency) HONG KONG, August 19 (Fitch) Fitch Ratings has affirmed cheap Canada Goose Korea’s Long Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘AA ‘ and ‘AA’ respectively. The issue ratings on Korea’s senior unsecured Foreign and Local Currency bonds are also affirmed at ‘AA ‘ and ‘AA’ respectively. The Outlooks on the Long Term IDRs are Stable. The Country Ceiling Canada Goose online is affirmed at ‘AA ‘ and the Short Term Foreign Currency IDR at ‘F1 ‘. canada goose coats KEY RATING DRIVERS The affirmation of Korea’s IDRs reflects the following key rating drivers: Korea’s macroeconomic performance is credit supportive. Growth uk canada goose outlet remains broadly resilient notwithstanding a slowdown in 2Q 2014 following buy canada goose jacket a shock to consumer confidence from the Sewol ferry disaster. Five year average GDP growth of 3.8% canada goose clearance sale per year (2010 2014) exceeds the ‘AA’ range median of 3.3% as well as the ‘A’ median of 3.5%. Growth and inflation are less volatile than peer medians. Fitch expects real GDP growth of 3.7% in buy canada goose jacket cheap 2014, rising to 3.9% in 2015. Growth prospects are supported by the economy’s high investment rate (29% in 2013). Moderate government debt and sustained budget surpluses support the ratings. Korea’s uk canada goose consolidated central government (CG) budget has been in surplus each year since 2000, barring only 2009. The government projects the social security system to remain in surplus until 2030. CG debt canada goose uk outlet was 34.8% of GDP at end 2013. This was not far canada goose off the median for general government (GG) debt for ‘AA’ rated countries of 36.5%. The end 2012 figure is not materially different, from a credit perspective, from the CG debt figure of 33.2%. Consolidated public sector debt was 59.6% of GDP at end 2012, up from 56.5% at end 2011. Korea’s external finances continue to strengthen, underpinned by a run of current account surpluses back to 1998. Korea’s net external creditor position is projected to strengthen to 16.8% of GDP by end 2014 from 13.9% at end 2013, driven by a current account surplus of 5.9% of GDP in 2014. The canada goose uk black friday banking sector has significantly reduced its net external indebtedness to USD39.2bn at end 2013, from a peak of USD118.9bn at end 2007. Fitch estimates external debt maturities at about USD82bn in 2014 (of which USD21bn is sovereign), against foreign reserves of canada goose factory sale USD368bn at end July 2014. Relatively high and rising household indebtedness Canada Goose Outlet increases Korea’s vulnerability to an economic shock and is a weakness in the sovereign credit profile. Household debt reached 84.6% of GDP at end 2013, up from 83.5% at canadian goose jacket end 2012. Exposure to geopolitical risk is a weakness in canada goose coats on sale Korea’s credit profile relative to peers owing to risks associated with North Korea. The (South) Korean government’s assessment is that the North Korean economy has strengthened since 2011 and that Kim Jong un has consolidated his position as leader. This may suggest the risks of a collapse of the North Korean regime have diminished in the near term. However, North canada goose black friday sale Korea is extremely opaque and there is canada goose clearance a high degree of uncertainty attached to any assessment of conditions there. Korea’s average income level of USD26,000 in 2013 was the lowest in the ‘AA’ category. Set against this weakness, the country’s broader level of human development and its business environment compare favourably against ‘AA’ and ‘A’ range peer medians. RATING SENSITIVITIES The main cheap canada goose uk factors that, individually or collectively, could trigger positive rating action are: A significant reduction in general government indebtedness A sustainable decrease over time in the indebtedness of state linked enterprises Evidence that the economy Canada Goose Coats On Sale can grow over time, thereby narrowing the income gap with rating peers, without an ongoing rise Canada Goose Jackets in household indebtedness The main factors that, individually or collectively, could trigger negative rating action are: A change of policy on Canada Goose sale the broader public sector’s finances leading to tolerance for sustained rises in GG or broader public sector debt Crystallisation of risks in the financial sector leading to disruption of economic and financial stability, such as a sharp pick up in defaults among households KEY ASSUMPTIONS The global economy develops broadly in line canada goose uk shop with the projections contained in Fitch’s June “Global Economic Outlook”. In Canada Goose Parka particular, the ratings assume China’s economic growth does not decelerate into the low single digit range for a sustained period. No significant change in the relationship between North and South Korea, such as a full scale military conflict, or the sudden collapse of the North leading to large unification costs for the South. Contact: Primary Analyst Andrew Colquhoun Senior Director 852 2263 9938 Fitch Ratings (Hong Kong) Ltd. Applicable Criteria and Related Research: Sovereign Rating Criteria here Country Ceilings here Additional Disclosure Solicitation Status canada goose store here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.