Seoul: South Korea will begin its annual consultation meetings with global credit rating agency S and P Global Ratings (S and P) this week to discuss the country's credit evaluation and other key issues, the finance ministry said Monday.

According to Yonhap News Agency, S and P officials will visit various government and public institutions, including the Bank of Korea, for a three-day assessment starting Monday before deciding on the country's sovereign rating. The ministry highlighted that these consultations are essential for evaluating South Korea's economic standing and financial health.

S and P maintained South Korea's long-term sovereign credit rating at "AA," the third-highest level in its ranking system. The country has held this position since August 2016, when the rating was upgraded from "AA-." The sustained rating reflects the country's economic stability and robust fiscal policies.

In January, another global credit rating agency, Fitch Ratings, reaffirmed South Korea's sovereign rating at "AA-" with a stable outlook. This consistency among major credit rating agencies underscores the confidence in South Korea's economic policies and growth potential.