07 October 2008

Republic of Iceland Ratings Lowered and Removed From CreditWatch Negative

On Oct. 6, 2008, Standard & Poor's Ratings Services lowered its foreign currency sovereign credit rating on the Republic of Iceland to 'BBB/A-3' from 'A-/A-2' and its local currency sovereign credit rating to 'BBB+/A-2' from 'A+/A-1'. At the same time, Standard & Poor's removed the long-term ratings from CreditWatch, where they were placed on Sept. 29, 2008, with negative implications. In addition, Standard & Poor's lowered its transfer and convertibility assessment on Iceland to 'A-' from 'AA-'.

Standard & Poor's press release can be approached here - (pdf-file)