The Group of 20 major economies held an emergency conference call today on the

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European debt crisis and the downgrading of the US sovereign rating, a South Korean official said.

G20 deputy Finance Ministers participated in the teleconference early today, Deputy Finance Minister Choi Jong-Ku said, declining to elaborate on what was discussed.

The conference came after Standard & Poor's cut the US credit rating for the first time in history Friday, saying the country's politicians were increasingly unable to come to grips with its massive fiscal deficit and debt load.

Choi said South Korea's confidence in US Treasuries has not changed despite Standard & Poor's move.

"There will be no change in South Korea's foreign exchange reserves policy," he told Dow Jones Newswires.

Choi's remarks came ahead of a meeting of policymakers from the Bank of Korea, the Ministry of Strategy and the Financial Services Commission.

South Korea keeps only a small portion of its reserves in US Treasuries. At the end of July, South Korea had $311.03 billion in foreign reserves, the seventh largest in the world.

US Treasury department data shows South Korea had around $29.2 million in US debt holdings at the end of February.

Seoul officials have acknowledged that South Korea's economy and financial markets will feel short-term effects stemming from heightened external uncertainties.

But they have also said there is no reason to be overly concerned, given South Korea's strong economic fundamentals, firm sovereign fiscal standing and strong foreign exchange reserves position.