Fitch Ratings, an international credit appraiser, raised its outlook for South Korea's economy from “negative” to “stable”, signifying country’s improving economic and financial conditions.

South Korea's finance minister Yoon Jeung-hyun has informed that country’s gross domestic product grew more than expected during the second quarter of 2009.

Finance Minister also said that the 2Q growth would possibly be revised up to between 2.6-2.7% from 2.3% projected earlier.

Speaking about the interest rates, which are at their lowest level of 2.0% for the last 6 months, Mr. Yoon said it was too early to lift them.

Ai Ling Ngiam, Fitch's director for Asia sovereigns, said, "South Korea's sovereign credit fundamentals have regained ground against the 'A' peer group, warranting an outlook revision to stable."

Fitch's sovereign rating for South Korea was kept at “A plus”, which had been upgraded by one notch from “A” in Oct. 2005.

Regardless of the upgraded outlook, in the midday Asian trading, the U. S. dollar soared to 1,245.20 against South Korean won, up from 1,242.50 won late Tuesday in New York.

Figures from the Central bank revealed that country’s foreign currency reserves jumped to touch 13-month high level in August.