Global credit ratings agency Standard & Poor's said Friday that it has upgraded its sovereign credit rating for South Korea by one notch, citing reduced geopolitical risks stemming from North Korea.

   According to an e-mailed statement, S&P raised Korea's credit rating from "A" to "A plus," the fifth-highest level on its rating grade, and maintained its rating outlook for Asia's fourth-largest economy at "stable." It is the first upgrade by S&P for Korea in seven years.

   "The upgrade reflects our less negative assessment of the geopolitical risks on the Korean peninsula. It follows what we judge to be a smooth change of leadership in the Democratic People's Republic of Korea or North Korea," S&P said. (Yonhap)