Global credit rating agency Moody's raised its outlook for South Korea's long-term sovereign credit rating to positive from stable, the country's finance ministry said Monday.

According to the Ministry of Strategy and Finance, Moody's revised up its outlook for the country's sovereign credit rating to positive from stable, affirming its rating at the current "A1".

The outlook upgrade was attributed to healthy fiscal balance, sound external liquidity, reduced external vulnerabilities in the banking sector and relatively solid economic growth outlook.

The move came 5 months after another credit appraiser Fitch revised up the outlook for South Korea's sovereign credit rating to positive from stable, citing strong external liquidity and sustainable fiscal balance.