Outlook on Republic of Iceland Revised to Stable; 'A+/A-1+' Ratings Affirmed Nov 02
- ID: 2127647
- November 2002
- Region: Iceland
- Standard & Poors
LONDON (Standard & Poor's) Nov. 15, 2002--Standard & Poor's Ratings Services said today it revised its outlook on the Republic of Iceland to stable from negative. At the same time, Standard & Poor's affirmed all its ratings on Iceland, including its 'AA+/A-1+' local currency and 'A+/A-1+' foreign currency issuer credit ratings. "The outlook revision reflects the stabilization of Iceland's external imbalances, progress in the privatization of state-owned banks, and the undented profitability of the banking system in the aftermath of the recent credit boom, which has now come to an end," said Standard & Poor's credit analyst Moritz Kraemer. After several years of rapid growth in domestic demand, Iceland's current account deficit had reached 10% of GDP in 2000. External...
Companies mentioned in this report are:
- Iceland (Republic of)
Action: Various Rating Actions
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Research type: News
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