Republic of Iceland LT FC Rating Raised To 'AA-' On Better Financial Stability; Outlook Stable Feb 05

  • ID: 2127477
  • February 2005
  • Region: Iceland
  • Standard & Poors
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LONDON (Standard & Poor's) Feb. 10, 2005--Standard & Poor's Ratings Services said today it raised its long-term foreign currency sovereign credit rating on the Republic of Iceland to 'AA-' from 'A+', and affirmed the 'AA+' long-term local currency and the 'A-1+' short-term foreign and local currency ratings. The outlook is stable. "The upgrade reflects significant and sustained improvements in the resilience and structure of the Icelandic banking sector, as well as the positive perspective for public finances, which should lead to a rapid decline in general government debt levels," said Standard & Poor's credit analyst Kai Stukenbrock. The financial sector in Iceland has recovered from the imbalances created by the pre-2001 lending boom. Improved regulation and supervision, as well as...

Companies mentioned in this report are:
- Iceland (Republic of)

Action: Affirmed
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
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- Iceland (Republic of)

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