Seoul: South Korea will begin its annual consultation meetings with global credit rating agency S and P Global Ratings next week to discuss the country's credit evaluation and other key issues, the finance ministry announced Thursday. S and P officials are scheduled to visit various government institutions, including the Bank of Korea, for a five-day assessment starting Monday. The discussions will play a crucial role in determining the country's sovereign rating.

According to Yonhap News Agency, the meeting comes in the wake of political unrest following President Yoon Suk Yeol's brief imposition of martial law on December 3, which subsequently led to his impeachment. Despite the political instability, S and P has maintained South Korea's long-term sovereign credit rating at "AA," which is the third-highest level in its ranking system. This rating has been in place since August 2016 when it was upgraded from "AA-."

In response to the political turmoil, the South Korean government, now under acting President Choi Sang-mok's leadership, has undertaken efforts to stabilize the nation's credit status. This includes a series of virtual meetings with global appraisers to reassure them of the country's financial stability.

Last month, another global credit rating agency, Fitch Ratings, affirmed South Korea's sovereign rating at "AA-" and maintained a stable outlook. This further underscores the importance of the upcoming consultations with S and P Global Ratings as South Korea seeks to navigate its current political and economic landscape.