Standard & Poor's Ratings Services lowered its ratings on the Republic of Iceland
On Sept. 29, 2008, Standard & Poor's Ratings Services lowered its long- and short-term foreign currency sovereign credit ratings on the Republic of Iceland to 'A-/A-2' from 'A/A-1', and its local currency sovereign credit ratings to 'A+/A-1' from 'AA-/A-1+'. In addition, the long-term ratings were placed on CreditWatch with negative implications. Furthermore, the transfer and convertibility assessment on Iceland was lowered to 'AA-' from 'AA'.
Standard & Poor's press release can be approached here
September 30, 2008