International credit rating agency Standard Poor's says that Korea must show further commitment to international best practice throughout the corporate, government and financial sectors if it is to achieve sustainable economic growth in the future.
Remarking on the long-established practices of reputation-based lending, of placing revenue growth ahead of profitability and lack of market transparency, SP's managing director of corporate and government ratings for North Asia, Robert Richards, feels that, without change, Korea runs the risk of tarnishing its reputation with international investors.
Without the establishment of strong best practices such as sound corporate governance, prudent financial management and risk-based lending practices, Korea will continue to be isolated from diversified, cost effective, long-term...
