{"id":39728,"date":"2026-03-06T01:46:10","date_gmt":"2026-03-06T01:46:10","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/dbs-%ec%9d%b4%ec%bd%94%eb%85%b8%eb%af%b8%ec%8a%a4%ed%8a%b8-%eb%9d%bc%eb%94%94%ec%b9%b4-%eb%9d%bc%ec%98%a4-%ec%9d%b8%eb%8f%84%eb%84%a4%ec%8b%9c%ec%95%84-bbb-%ec%8b%a0%ec%9a%a9%eb%93%b1%ea%b8%89\/"},"modified":"2026-03-06T01:46:10","modified_gmt":"2026-03-06T01:46:10","slug":"dbs-%ec%9d%b4%ec%bd%94%eb%85%b8%eb%af%b8%ec%8a%a4%ed%8a%b8-%eb%9d%bc%eb%94%94%ec%b9%b4-%eb%9d%bc%ec%98%a4-%ec%9d%b8%eb%8f%84%eb%84%a4%ec%8b%9c%ec%95%84-bbb-%ec%8b%a0%ec%9a%a9%eb%93%b1%ea%b8%89","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/dbs-%ec%9d%b4%ec%bd%94%eb%85%b8%eb%af%b8%ec%8a%a4%ed%8a%b8-%eb%9d%bc%eb%94%94%ec%b9%b4-%eb%9d%bc%ec%98%a4-%ec%9d%b8%eb%8f%84%eb%84%a4%ec%8b%9c%ec%95%84-bbb-%ec%8b%a0%ec%9a%a9%eb%93%b1%ea%b8%89\/","title":{"rendered":"DBS \uc774\ucf54\ub178\ubbf8\uc2a4\ud2b8 \ub77c\ub514\uce74 \ub77c\uc624, \uc778\ub3c4\ub124\uc2dc\uc544 BBB \uc2e0\uc6a9\ub4f1\uae09\uc5d0 \ub300\ud55c \ud53c\uce58\uc758 \u2018\ubd80\uc815\uc801\u2019 \uc804\ub9dd\uc744 \uac80\ud1a0\u2026 \ubb34\ub514\uc2a4\uc758 \uc870\uce58\uc640 \ub9e5\uc744 \uac19\uc774\ud574"},"content":{"rendered":"Fitch Ratings\ub294 \ubb34\ub514\uc2a4(Moody\u2019s)\uc640 \ube44\uc2b7\ud55c \uc870\uce58\uc5d0 \uc774\uc5b4, \uc778\ub3c4\ub124\uc2dc\uc544\uc758 \uad6d\uac00 \uc2e0\uc6a9\ub4f1\uae09(\uc815\ubd80\uac00 \ube5a\uc744 \uac1a\uc744 \ub2a5\ub825\uc5d0 \ub300\ud55c \ud3c9\uac00) \uc804\ub9dd(outlook)\uc744 \u2018\uc548\uc815\uc801(stable)\u2019\uc5d0\uc11c \u2018\ubd80\uc815\uc801(negative)\u2019\uc73c\ub85c \ub0ae\ucd94\uace0, \ub4f1\uae09\uc740 BBB\ub85c \uc720\uc9c0(affirm)\ud588\uc2b5\ub2c8\ub2e4. Fitch\ub294 \uc815\ucc45 \ubd88\ud655\uc2e4\uc131\uc774 \ucee4\uc9c0\uace0, \uc815\ucc45 \uc870\ud569(policy mix: \uc7ac\uc815\uc815\ucc45\uacfc \ud1b5\ud654\uc815\ucc45 \ub4f1\uc744 \ud568\uaed8 \uc6b4\uc6a9\ud558\ub294 \ubc29\uc2dd)\uc758 \uc77c\uad00\uc131\uacfc \uc2e0\ub8b0\ub3c4(credibility: \uc2dc\uc7a5\uc774 \uc815\ucc45\uc744 \ubbff\ub294 \uc815\ub3c4)\uac00 \uc57d\ud574\uc84c\ub2e4\uace0 \ubc1d\ud614\uc2b5\ub2c8\ub2e4. \ub610\ud55c \uc815\ucc45 \uacb0\uc815 \uad8c\ud55c\uc774 \ub354 \uc911\uc559\uc5d0 \ubaa8\uc774\ub294(centralisation: \uad8c\ud55c\uc774 \ud55c\uacf3\uc5d0 \uc9d1\uc911\ub418\ub294 \uac83) \ud750\ub984 \uc18d\uc5d0\uc11c \uc774\ub7f0 \ubb38\uc81c\uac00 \ucee4\uc84c\ub2e4\uace0 \uc124\uba85\ud588\uc2b5\ub2c8\ub2e4.\n\nFitch\ub294 \uc131\uc7a5\ub960 \ubaa9\ud45c 8%\ub97c \ub2ec\uc131\ud558\ub824\uba74 \uc0ac\ud68c\ubcf5\uc9c0 \uc9c0\ucd9c(social welfare spending: \uc800\uc18c\ub4dd\uce35 \uc9c0\uc6d0\u00b7\ubcf5\uc9c0 \ud504\ub85c\uadf8\ub7a8 \uc608\uc0b0) \ud655\ub300\uc640 \uc7ac\uc815-\ud1b5\ud654 \uc644\ud654(fiscal-monetary easing: \uc815\ubd80 \uc9c0\ucd9c \ud655\ub300\/\uc138\uae08 \uc644\ud654\uc640 \uae08\ub9ac \uc778\ud558 \uac19\uc740 \ud1b5\ud654 \uc644\ud654\ub97c \ud568\uaed8 \ud558\ub294 \uac83)\uac00 \uac15\ud558\uac8c \ub4b7\ubc1b\uce68\ub3fc\uc57c \ud55c\ub2e4\uace0 \ud588\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \uc218\uc785(\uc815\ubd80 \uc138\uc218, revenues: \uc138\uae08 \ub4f1\uc73c\ub85c \ub4e4\uc5b4\uc624\ub294 \ub3c8)\uc774 \uac19\uc774 \ub298\uc9c0 \uc54a\uc73c\uba74, \uac70\uc2dc \uacbd\uc81c \uc548\uc815(macro stability: \ubb3c\uac00\u00b7\ud658\uc728\u00b7\uc131\uc7a5 \ub4f1\uc774 \ud06c\uac8c \ud754\ub4e4\ub9ac\uc9c0 \uc54a\ub294 \uc0c1\ud0dc)\uc5d0 \uc704\ud5d8\uc774 \uc0dd\uae38 \uc218 \uc788\ub2e4\uace0 \uacbd\uace0\ud588\uc2b5\ub2c8\ub2e4.\n\n<h3>\uc7ac\uc815 \uccb4\uacc4\uc640 \uc815\ucc45 \uc2e0\ub8b0\ub3c4<\/h3>\nFitch\ub294 2026\ub144 \uc785\ubc95 \uacfc\uc81c\uc5d0 \ud3ec\ud568\ub41c \u2018\uad6d\uac00\uc7ac\uc815\ubc95(State Finance Law)\u2019 \uac80\ud1a0\ub97c \ud1b5\ud574 \uc7ac\uc815 \uccb4\uacc4(fiscal framework: \uc815\ubd80\uac00 \uc801\uc790\u00b7\ubd80\ucc44\u00b7\uc9c0\ucd9c\uc744 \uad00\ub9ac\ud558\ub294 \uaddc\uce59\uacfc \ud2c0)\ub97c \ub2e4\uc2dc \uc0b4\ud3b4\ubcf4\ub824\ub294 \uacc4\ud68d\ub3c4 \uc9c0\uc801\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc815\ucc45 \uc2e0\ub8b0\ub3c4\ub97c \uc57d\ud654\uc2dc\ud0a4\uace0, \ub354 \ud070 \uc7ac\uc815 \uc801\uc790(fiscal deficits: \uc815\ubd80 \uc9c0\ucd9c\uc774 \uc138\uc218\ubcf4\ub2e4 \ud070 \uc0c1\ud0dc)\ub97c \uc5b4\ub5bb\uac8c \uc790\uae08 \uc870\ub2ec(financing: \uad6d\ucc44 \ubc1c\ud589 \ub4f1\uc73c\ub85c \ub3c8\uc744 \ub9c8\ub828\ud558\ub294 \uac83)\ud560\uc9c0\uc5d0 \ub300\ud55c \uc6b0\ub824\ub97c \ud0a4\uc6b8 \uc218 \uc788\ub2e4\uace0 \ud588\uc2b5\ub2c8\ub2e4.\n\n\ubd80\uc815\uc801 \uc804\ub9dd\uc740 \ubcf4\ud1b5 \ud5a5\ud6c4 18~24\uac1c\uc6d4 \uc548\uc5d0 \ub4f1\uae09 \uc870\uc815(\ucd94\uac00 \ud558\ud5a5 \ub4f1) \uac00\ub2a5\uc131\uc774 \uc788\uc74c\uc744 \ub73b\ud569\ub2c8\ub2e4. \uc774\ubc88 \uc804\ub9dd \ubcc0\uacbd\uacfc \uc911\ub3d9 \uc9c0\uc5ed \uae34\uc7a5(\uc9c0\uc815\ud559\uc801 \uc704\ud5d8)\uc740 \uad6d\ub0b4(onshore: \ud574\ub2f9 \uad6d\uac00\uc758 \ud604\uc9c0 \uc2dc\uc7a5) \uc2dc\uc7a5\uc5d0\uc11c \uc548\ub3c4 \ub7a0\ub9ac(relief rally: \ub098\uc05c \ub274\uc2a4\uac00 \ud574\uc18c\ub418\uba70 \uc7a0\uae50 \ubc18\ub4f1\ud558\ub294 \uc6c0\uc9c1\uc784)\uac00 \ub098\uc62c \uac00\ub2a5\uc131\uc744 \ub0ae\ucd9c \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \uadf8 \uacb0\uacfc \uc218\uc775\ub960(yields: \ucc44\uad8c\uc774 \uc8fc\ub294 \uc218\uc775\ub960)\uc740 \ub192\uc740 \uc218\uc900\uc744 \uc720\uc9c0\ud558\uace0, \ud1b5\ud654\ub294 \uc555\ub825\uc744 \ubc1b\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc55e\uc73c\ub85c \uba87 \uc8fc\ub294 \ub8e8\ud53c\uc544 \uc57d\uc138\uc5d0 \uc720\ub9ac\ud55c \ud3ec\uc9c0\uc158(positions: \ud2b9\uc815 \ubc29\ud5a5\uc5d0 \ubca0\ud305\ud55c \ud22c\uc790 \uc0c1\ud0dc)\uc744 \uc720\uc9c0\ud558\ub294 \ucabd\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4. \uad6d\uac00\uc7ac\uc815\ubc95\uc744 \ub458\ub7ec\uc2fc \uc785\ubc95 \ub17c\uc758\uac00 \ubd88\ud655\uc2e4\uc131\uc744 \ud0a4\uc6b0\uace0 \uc788\uc5b4, \ub2ec\ub7ec\/\ub8e8\ud53c\uc544(USD\/IDR) \uc5ed\uc678\ucc28\uc561\uacb0\uc81c\uc120\ubb3c\ud658(NDFs, non-deliverable forwards: \uc2e4\uc81c \ud1b5\ud654\ub97c \uc8fc\uace0\ubc1b\uc9c0 \uc54a\uace0 \ub9cc\uae30 \ub54c \ud658\uc728 \ucc28\uc774\ub9cc \ud604\uae08\uc73c\ub85c \uc815\uc0b0\ud558\ub294 \uc120\ubb3c\ud658)\uc774\ub098 \ucf5c\uc635\uc158(call options: \uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \uc0b4 \uc218 \uc788\ub294 \uad8c\ub9ac) \uc804\ub7b5\uc774 \uc758\ubbf8\uac00 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ucd94\uac00 \ub8e8\ud53c\uc544 \uc57d\uc138\uc5d0\uc11c \uc774\uc775\uc744 \ub178\ub9ac\uba74\uc11c \uc704\ud5d8\uc744 \uad00\ub9ac\ud560 \uc218 \uc788\uac8c \ud574\uc90d\ub2c8\ub2e4.\n\n<h3>\uae08\ub9ac\uc640 \ubcc0\ub3d9\uc131 \ub300\uc751<\/h3>\n\ud2b8\ub808\uc774\ub354(\ub2e8\uae30 \ub9e4\ub9e4\uc790)\ub294 \uc778\ub3c4\ub124\uc2dc\uc544 \uad6d\ucc44 \uc218\uc775\ub960\uc774 \ub192\uc740 \uc218\uc900\uc744 \uc720\uc9c0\ud558\uac70\ub098 \ub354 \uc624\ub97c \uac00\ub2a5\uc131\ub3c4 \uc5fc\ub450\uc5d0 \ub46c\uc57c \ud569\ub2c8\ub2e4. \uc778\ud50c\ub808\uc774\uc158(inflation: \ubb3c\uac00 \uc0c1\uc2b9)\uc774 3.5% \ucabd\uc73c\ub85c \uc62c\ub77c\uac00\uace0 \uc788\uc5b4, \uc778\ub3c4\ub124\uc2dc\uc544 \uc911\uc559\uc740\ud589(Bank Indonesia)\uc740 \ub2f9\ubd84\uac04 \ud1b5\ud654\uc815\ucc45 \uc644\ud654(\uae08\ub9ac \uc778\ud558 \ub4f1)\ub97c \ud558\uae30\uac00 \uc27d\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc774 \uc810\uc740 \uc218\uc775\ub960\uc774 \uc27d\uac8c \ub0b4\ub824\uac00\uae30 \uc5b4\ub835\ub2e4\ub294 \uc804\ub9dd\uc744 \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4. \ub530\ub77c\uc11c \uae08\ub9ac \uc2a4\uc651(interest rate swaps: \uc774\uc790 \uc9c0\uae09 \ubc29\uc2dd\uc744 \uc11c\ub85c \ubc14\uafb8\ub294 \uacc4\uc57d) \uc911\uc5d0\uc11c \u2018\uace0\uc815\uae08\ub9ac \uc9c0\uae09\u00b7\ubcc0\ub3d9\uae08\ub9ac \uc218\ucde8(pay fixed, receive floating: \uace0\uc815 \uc774\uc790\ub97c \ub0b4\uace0 \ubcc0\ub3d9 \uc774\uc790\ub97c \ubc1b\ub294 \uad6c\uc870)\u2019\ub294 \uc870\ub2ec \ube44\uc6a9(financing costs: \uae30\uc5c5\u00b7\uc815\ubd80\uac00 \ub3c8\uc744 \ube4c\ub9b4 \ub54c \ub4dc\ub294 \uc774\uc790 \ubd80\ub2f4) \uc0c1\uc2b9\uc5d0 \ub300\ud55c \ud5e4\uc9c0(hedge: \uc190\uc2e4\uc744 \uc904\uc774\uae30 \uc704\ud55c \ubc29\uc5b4 \uac70\ub798)\ub85c \ud65c\uc6a9\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc7ac\uc815 \uaddc\uc728(fiscal discipline: \uc801\uc790\u00b7\ubd80\ucc44\ub97c \ubb34\ub9ac\ud558\uac8c \ub298\ub9ac\uc9c0 \uc54a\ub294 \uc6b4\uc601)\uacfc \ub192\uc740 \uc131\uc7a5 \ubaa9\ud45c\ub97c \ub458\ub7ec\uc2fc \uc758\ubb38\uc774 \uacc4\uc18d\ub418\uba74, \ud658\uc728\uacfc \uae08\ub9ac \uc2dc\uc7a5 \ubaa8\ub450\uc5d0\uc11c \ub0b4\uc7ac \ubcc0\ub3d9\uc131(implied volatility: \uc635\uc158 \uac00\uaca9\uc5d0 \ubc18\uc601\ub41c \u2018\uc608\uc0c1 \ubcc0\ub3d9\uc131\u2019)\uc774 \ub192\uc544\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7f0 \ud658\uacbd\uc5d0\uc11c\ub294 \uc635\uc158 \uacc4\uc57d(options contracts: \uc815\ud574\uc9c4 \uc870\uac74\uc73c\ub85c \uc0ac\uace0\ud314 \uc218 \uc788\ub294 \uad8c\ub9ac \uacc4\uc57d)\uc774 \uac11\uc791\uc2a4\ub7ec\uc6b4 \uc2dc\uc7a5 \ubcc0\ub3d9\uc5d0 \ub300\ube44\ud574 \ud3ec\ud2b8\ud3f4\ub9ac\uc624(portfolio: \ud22c\uc790 \uc790\uc0b0 \ubb36\uc74c)\ub97c \ubcf4\ud638\ud558\ub294 \ub370 \ub354 \uc720\uc6a9\ud574\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud2b8\ub808\uc774\ub354\ub294 \ucc44\uad8c \uc120\ubb3c(bond futures: \ubbf8\ub798\uc758 \uc77c\uc815 \uc2dc\uc810\uc5d0 \uc815\ud574\uc9c4 \uac00\uaca9\uc73c\ub85c \ucc44\uad8c\uc744 \uac70\ub798\ud558\uae30\ub85c \ud55c \uacc4\uc57d)\uc5d0 \ud48b\uc635\uc158(put options: \uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \ud314 \uc218 \uc788\ub294 \uad8c\ub9ac)\uc744 \ub9e4\uc218\ud574 \uc218\uc775\ub960 \uae09\ub4f1(=\ucc44\uad8c \uac00\uaca9 \uae09\ub77d) \uc704\ud5d8\uc5d0 \ub300\ube44\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n<b><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">VT Markets \uc2e4\uacc4\uc88c \ub9cc\ub4e4\uae30<\/a>\u00a0\uadf8\ub9ac\uace0\u00a0<a href=\"https:\/\/myaccount.vtmarkets.com\/login\">\uc9c0\uae08 \uac70\ub798 \uc2dc\uc791\ud558\uae30<\/a>\u00a0<\/b>\n\n<!-- wp:paragraph-->\n<p><b>VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c <a href=\"https:\/\/www.vtmarkets.com\/kr\/trade-now\/\">\uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\ud53c\uce58\uac00 \uc778\ub3c4\ub124\uc2dc\uc544 \uc2e0\uc6a9\ub4f1\uae09(BBB)\uc740 \uc720\uc9c0\ud558\ub418 \uc804\ub9dd\uc744 \u2018\ubd80\uc815\uc801\u2019\uc73c\ub85c \ub0ae\ucdc4\uc2b5\ub2c8\ub2e4. \uc815\ucc45 \ubd88\ud655\uc2e4\uc131\uacfc \uc7ac\uc815\ud2c0 \uc7ac\uac80\ud1a0 \uc6b0\ub824\ub85c \ucc44\uad8c\uae08\ub9ac \uc0c1\uc2b9\u00b7\ub8e8\ud53c\uc544 \uc57d\uc138\uac00 \uc774\uc5b4\uc9c8 \uc218 \uc788\uc5b4 NDF\u00b7\uc635\uc158\u00b7\uc2a4\uc651 \ud5e4\uc9c0\uac00 \ubd80\uac01\ub429\ub2c8\ub2e4. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":103,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-39728","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/39728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=39728"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/39728\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=39728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=39728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=39728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}