News
Standard and Poor´s confirms Icelands BBB- credit rating with stable outlook
Selected excerpts from S&P´s press release:
On Dec. 31, 2009, Standard & Poor's Ratings Services revised its outlook on the Republic of Iceland's sovereign ratings to stable from negative. At the same time, we affirmed our long- and short-term 'BBB-/A-3' foreign currency and 'BBB+/A-2' local currency ratings on the sovereign. The 'BBB-' transfer and convertibility assessment was also affirmed.
- The Icelandic parliament has approved the Icesave agreement, a step that will contribute significantly to securing crucial external financing throughout 2010.
- We are revising our outlook on Iceland's sovereign ratings to stable from negative.
- We are affirming our 'BBB-/A-3' foreign currency and 'BBB+/A-2' local currency ratings on the sovereign.
- The stable outlook balances the challenges of the high public debt ratio and remaining external vulnerabilities with our belief that Iceland's economy and institutions have above-average flexibility to deal with these challenges.
S&P´s original press release can be found here.
S&P´s credit rating can be found here.
