MOSCOW (Sputnik) — The impeachment of South Korean President Park Geun-hye will not affect the sovereign credit rating of the country, according to Standard & Poor's Global Rating Agency (S&P).
"The effective Korean bureaucracy will keep the government running smoothly although the political uncertainty could remain a distraction to policy-makers for some time," the rating agency said in a statement, as quoted by South Korea's KBS World Radio.
The long-term sovereign credit rating of South Korea currently is estimated at "AA" level with a stable outlook. The short-term sovereign rating is set at the level of "А-1+" by S&P.
On Friday, South Korea's parliament voted in favor of removing Park from office, as the president was at the center of a scandal around "secret adviser" Choi Soon-sil, who is said to have pressured the county's biggest corporations and extorted money from them for her non-commercial funds abroad.
South Korea's Prime Minister Hwang Kyo-ahn has become acting president until the constitutional court approves or rejects the motion.
