News

Moody’s changes Iceland’s outlook to positive from stable and affirms A3 ratings

Moody’s Investors Service ("Moody’s") has today changed the Government of Iceland's sovereign rating outlook to positive from stable and affirmed Iceland’s A3 long-term issuer rating. The government's long-term senior unsecured debt rating of A3 and the (P)A3 and (P)Prime-2 ratings assigned to its medium-term note (MTN) programme have also been affirmed. 

The key drivers for the change in the rating outlook to positive from stable are: 

  1. Improving economic resilience afforeded by net external creditor position, more balanced growth and ongoing strengthening of the country‘s banking system. 
  1. Anticipated further improvement in the government‘s debt metrics beyond what was previously expected. 

The positive outlook also reflects progress made in the past two years on the major preconditions we laid out at the time of the upgrade to A3 in September 2016, including the smooth removal of capital controls and the settlement of the offshore krónur situation.

Report

Statistics

Date Event

Month

Actual

Last

Source

03.26 CPI - (YoY) MAR 2.8% 2.3% STI
03.13 Unemployment FEB 2.4 2.4% VMS
03.13 Credit Card Purchases (YoY) FEB 5.9% 6.1% CB
03.12 International Reserves of the CB FEB 667,2B 670,8B CB
03.14 Central Bank Policy Rate (7-day term deposits) MAR 4.25% 4.25% CB
03.01 New car registration (MoM) FEB 1,279 1,840 BGS
02.28 Balance of Trade(ISK) JAN -5,7B -178,2B STI
02.27 Expectations Index FEB 112.5 121.5 Capacent
02.22 Wage Index (MoM) JAN 0.4% 0.2% STI
02.22 Wage Index (YoY) JAN 7.3% 6.91% STI
02.19 Building Cost Index (YoY) FEB 5.1% 5.1% STI

Upcoming events

Jul
23

Wage Index

Jul
23

CPI announcement

Jul
31

Balance of Trade

Auctions

Source GDM
 
Time of close
 
Series
 
Actual
Last
auction
Target
amount
Actual
amount
 
Source
11:00 01.26.2018
RIKB 22 1026 4.84% 4.97% Open 3,345m GDM
11:00 01.25.2018
RIKV 18 0416 4.20% 4.20% Open 2,230m GDM
Non-indexed Movement Price Yield
RIKV 18 0807 99.84 3.31
RIKV 18 0815 99.74 3.68
RIKB 19 0226 102.39 4.59
RIKB 20 0205 101.88 4.93
RIKB 22 1026 107.90 5.13
RIKB 25 0612 115.80 5.21
RIKB 28 1115 97.35 5.34
RIKB 31 0124 110.40 5.34
Indexed Movement Price Yield
RIKS 21 0414 105.45 1.74
HFF150224 105.15 1.93
RIKS 30 0701 114.80 1.86
HFF150434 114.20 1.95
HFF150644 122.60 1.98
Current Value 454.60
12 Months Change* 2.62%
3 Months Change* 2.32%
Last Month Change 0.62%
Daily CPI 454.60
* Annualized rates

News from Statistics Iceland