Eurozone downgrades to have limited impact on S. Korea: minister

SEOUL, Jan. 16 (Yonhap) -- The recent sovereign credit rating downgrades on major eurozone countries will have a limited impact on the South Korean economy as they have long been expected by the market, the nation's top economic policymaker said Monday. Standard & Poor's recently lowered its credit ratings on nine European countries including France, Italy and Spain, casting a cloud over the global financial markets and economy. Finance Minister Bahk Jae-wan admitted the ratings cuts could lead to greater burdens on debt-ridden eurozone countries by raising borrowing costs, but said it could also help ease market uncertainty by confirming long-expected decisions by the credit appraiser. "Given that the moves have been expected for quite a long period of time, they could help ease uncertainties hanging over the market," Bahk was quoted by his spokesman Hong Nam-ki as saying during a meeting with senior staff. The minister cautioned against being overly swayed by developments in global markets, while noting the government should remain alert to possible repercussions at home and abroad via its around-the-clock monitoring system, his spokesman said. (END)