Thursday, September 01, 2016

Moody’s upgrades Iceland’s government ratings to A3; outlook stable

Moody’s Investors Service (MIS) has today upgraded Iceland’s government and issuer ratings to A3 from Baa2. The rating outlook is stable. This rating action concludes the review for upgrade that commenced on June 10, 2016.

Moody´s report

Wednesday, August 17, 2016

Auction of nominal bonds RIKB 22 1026 and RIKB 31 0124

On Friday, 19 August at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.

In this auction nominal bonds RIKB 22 1026 and RIKB 31 0124 will be offered. The total amount of accepted bids will be announced after the auction.

Press release (pdf)

Auction terms (pdf)

 

Thursday, August 11, 2016

Fitch Ratings’ Full Rating Report on Iceland

Fitch Ratings has released its Full Rating Report on Iceland. The report follows Fitch Ratings’ affirmation of Iceland’s sovereign ratings on 15 July this year.
Fitch Ratings affirms Iceland’s sovereign rating at BBB+ with a stable outlook.

Fitch Ratings’ report (pdf)
Press release from 15 July 2016

Saturday, July 23, 2016

Fitch Ratings: change in methodology

This week international rating agency Fitch Ratings held a global portfolio rating committee related to an overhaul of the Agency’s sovereign methodology released on May 26th, 2016. The results of the committee were published today. As part of the methodology adjustment Fitch changed its approach to the assessment of the long-term local currency (LTLC) ratings, bringing these ratings in line with the long-term foreign currency (LTFC) ratings for most sovereigns globally.  In addition, Fitch has assigned new issuer default ratings (IDR) for short-term local currency (STLC) obligations. As part of the criteria related ratings recalibration, Fitch has lowered Iceland’s LTLC rating in line with its LTFC rating of BBB+, which was affirmed by the Agency on July 15th with a stable outlook. The ratings for short-term obligations in both foreign and local currency have also been affirmed at F2 Iceland’s sovereign ratings continue to be supported by the country’s strong macroeconomic fundamentals, sustained improvements in fiscal and external indicators, and solid institutional base. 

Corresponding changes will be made to the ratings of other sovereigns whose LTLC ratings were a notch above their LTFC ratings.

The Fitch press release (pdf)

Friday, July 15, 2016

Fitch Ratings affirms Iceland’s sovereign rating at BBB+ with a stable outlook

Fitch Ratings has affirmed Iceland’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BBB+’ and ‘A-’ respectively with Stable Outlooks. The issue ratings on Iceland’s senior unsecured foreign and local currency bonds have also been affirmed at ‘BBB+’ and ‘A-’. The Country Ceiling has been affirmed at ‘BBB+’ and the Short-term foreign currency IDR and CP at ‘F2’.

Fitch Rating’s rating action commentary

Friday, July 15, 2016

Standard & Poor’s affirms Iceland’s sovereign ratings at BBB+/A-2 with a stable outlook

International rating agency Standard & Poor’s has affirmed Iceland’s sovereign ratings at BBB+/A-2 with a stable outlook. Standard & Poor’s expects economic growth in Iceland to remain strong over the next few years, supported by the tourism sector and robust private consumption. The stable outlook balances the potential for a faster-than-anticipated improvement in the country’s fiscal and balance-of-payments profiles over the next two years against the remaining risks surrounding capital control liberalization and the prospect of the economy overheating. 

Standard & Poor’s research update

Monday, May 30, 2016

Moody´s :The upcoming auction is credit positive

The upcoming auction is credit positive insofar as it gives investors whose money is currently trapped in offshore krónur an exit, if they so wish, and helps relieve some of the pressure that has built up on Icelandic domestic assets as a result of the capital controls, as reflected by a steep appreciation of the onshore exchange rate over the past two years. The timing is also prudent since the authorities waited to conduct the auction until they had sufficient foreign exchange reserves to both buy the trapped assets but still retain enough to fund the country’s potential external liquidity needs.
Moody´s report(pdf) 

Monday, January 18, 2016

Fitch Affirms Iceland at BBB+; Outlook Stable

Fitch Ratings has affirmed Iceland‘s Long-term foreign and local currency IDRs at BBB+ and A- respectively with a Stable Outlook. The issue ratings on Iceland‘s senior unsecured Foreign- and Local-Currency bonds are also affirmed at BBB+ and A- respectively. The Country Ceiling is affirmed at BBB+ and the Short-Term Foreign-Currency IDR at F2.

FitchRatings report (pdf)

Monday, January 18, 2016

Standard and Poor´s raised rating to BBB+

On January 15, 2016, Standard & Poor’s Ratings Service raised its long-term sovereign credit ratings on Iceland to BBB+. At the same time, they affirmed the short-term ratings at A-2. Standard & Poor’s also raised the Transfer & Convertibility Assessment to BBB+ from BBB. The outlook on the long-term ratings is stable.

S&P report(pdf)

Friday, July 24, 2015

Fitch Ratings upgrades Iceland to BBB+

Fitch Ratings has upgraded Iceland’s Long-term foreign currency Issuer Default Rating (IDR) to ‘BBB+’ from ‘BBB‘ and upgraded its Long-term local currency IDR to ‘A-’ from ‘BBB+’  .

The agency has also upgraded the Short-term foreign currency IDR to ‘F2’ from ‘F3’and upgraded the Country Ceiling to ‘BBB+’ from ‘BBB‘. The Outlooks on the Long-term IDRs are Stable. 

Fitch´s press release (pdf)
Fitch´s report (pdf)

Friday, July 17, 2015

Standard and Poor's upgrades Iceland's rating

Standard & Poor's Ratings Services has raised its long- and short-term foreign and local currency sovereign credit ratings on the Republic of Iceland to ‘BBB/A-2’ from 'BBB-/A-3'. The outlook is Stable.

Standard and Poor's press release.

Wednesday, July 01, 2015

Auction of nominal bonds RIKB 17 0206 & RIKB 20 0205

On Friday, 3 July at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.
In this auction nominal bonds RIKB 17 0206 and RIKB 20 0205 will be offered. The total amount of accepted bids will be announced after the auction.
 Press release (pdf)
Auction terms (pdf)    

Tuesday, June 30, 2015

Moody's upgrades Iceland's rating

Moody's has today upgraded the government of Iceland's government debt ratings to Baa2 from Baa3. The rating outlook is stable. 

Moody‘s RatingAction (pdf) 

Friday, January 30, 2015

Fitch Revises Iceland’s Outlook to Positive; Affirms at ‘BBB’

Fitch Revises Iceland’s Outlook to Positive; Affirms at ‘BBB’

Fitch ratings has revised the Outlook on Iceland’s Long-Term foreign currency and local currency IDRs to  ‘Positive ‘ from  ‘Stable ‘ and affirmed the ratings at ‘BBB’ and ‘BBB+’ respectively. The issue ratings on Iceland’s senior unsecured foreign and local currency bonds are also affirmed at ‘BBB’ and ‘BBB+’. The Country Ceiling is affirmed at ‘BBB’ and the Short-term foreign currency IDR at ‘F3’. 
FitchRatingsReport(pdf)  

Friday, January 16, 2015

S&P affirms Iceland at ‘BBB-’; Outlook positive

Standard & Poor‘s have affirmed Iceland‘s long-term rating at ‘BBB-’ and short-term rating at A-3. The outlook remains positive.
S&P report(pdf)  

Friday, January 16, 2015

Publication dates for Iceland‘s sovereign credit ratings

Credit rating agencies Standard & Poor’s and Fitch are required to publish the issuance dates of EU member states’ credit ratings pursuant to Regulation no. 462/2013. The purposes of the regulation are to enhance transparency in rating agencies’ operations, improve the rating process, and increase the companies’ responsibility for the credit ratings, which have a demonstrable effect on the credit terms offered to EU member states. Because Moody‘s primary analyst of the Republic of Iceland is located outside the EU, the rating agency is not required to publish the issuance dates.

The regulation applies in the EEA states, although neither it nor some recent rules on financial supervision, etc., (cf., for example, Regulation no. 1095/2010) has been formally implemented in the EEA states. 

The publication schedule is entirely the responsibility of the rating agencies themselves. The 2015 publication dates for Iceland’s ratings are as follows:

 Rating Agency     Date of publication
    S&P     16 January
    Fitch     30 January
    S&P     17 July
    Fitch     24 July
Tuesday, August 05, 2014

Fitch Ratings affirm Iceland at ‘BBB’; Outlook stable

Fitch Ratings have affirmed Iceland’s long-term foreign and local currency IDRs at ‘BBB’ and ‘BBB+’ respectively. The issue ratings on Iceland’s senior unsecured foreign and local currency bonds are also affirmed at ‘BBB’ and ‘BBB+’ respectively. The outlook on the long-term IDRs are stable. The Country Ceiling is affirmed at ‘BBB’ and the short-term foreign currency IDR at ‘F3’.
FitchRatingReport(pdf) 

Friday, July 18, 2014

Iceland Outlook Revised To Positive

On July 18, 2014, Standard & Poor's Ratings Services revised its outlook on the Republic of Iceland to positive from stable. At the same time, the rating agency affirmed 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Iceland.
S&P report(pdf) 

Tuesday, July 15, 2014

Moody‘s publishes annual sovereign credit analysis

The rating agency has released a report following their annual visit to Iceland.  Moody‘s affirms Iceland‘s Baa3/P-3 ratings for long-term and short-term debt and outlook remains stable.
Moody‘s analysis(pdf) 

 

Monday, February 17, 2014

Iceland's Creditworthiness Is Not Affected

Iceland's Creditworthiness Is Not Affected by British and Dutch Effort to Increase Icesave Recoveries

Moody‘s has issued a Comment stating that the British and Dutch governments´ recently filed claim via their deposit insurance funds against the Icelandic Deposit Insurance Fund (TIF) has no effect on the creditworthiness of the government of Iceland (Baa3, stable). The Comment refers to EFTA Court ruling from the year 2013 that there is no payment obligation for the sovereign. 

Moody´s press release can be approached here.

Friday, February 07, 2014

Fitch Affirms Iceland at ‘BBB’; Outlook Stable

Fitch Ratings has affirmed Iceland’s Long-term foreign and local currency IDRs at ‘BBB’ and ‘BBB+’ respectively. The issue ratings on Iceland’s senior unsecured foreign and local currency bonds are also affirmed at ‘BBB’ and ‘BBB+’ respectively. The Outlooks on the Long-term IDRs are Stable. The Country Ceiling is affirmed at ‘BBB’ and the Short-term foreign currency IDR at ‘F3’.
FitchRating report(pdf)

Friday, January 24, 2014

Standard & Poor’s: Republic of Iceland. Outlook revised to stable from negative

Standard & Poor’s: Republic of Iceland. Outlook revised to stable from negative on receding fiscal risk

On January 24, 2014, Standard & Poor's Ratings Services revised the outlook on the Republic of Iceland to stable from negative. At the same time, S&P affirmed their 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Iceland.

 

Friday, January 10, 2014

Publication dates for Iceland's sovereign credit ratings

Credit rating agencies Standard & Poor’s, Moody’s, and Fitch are required to publish the issuance dates of EU member states’ credit ratings pursuant to Regulation no. 462/2013.

Tuesday, December 17, 2013

Moody‘s: Iceland - Mortgage Debt-Relief Plan Is Credit Positive for Housing Financing Fund

.... Without Detriment to Sovereign Creditworthiness

 Moody’s has issued a report on Iceland´s Mortgage Debt-Relief Plan.
Full report (pdf)

Monday, December 09, 2013

Fitch: Iceland Debt Relief Programme Appears Fiscally Neutral

Iceland's proposals to relieve household debt via mortgage write-offs and tax-exempt private pension scheme savings appear consistent with the authorities' stated commitment to fiscal consolidation, Fitch Ratings says.
Fitch press release(pdf)

Friday, October 11, 2013

Fitch affirms Iceland‘s sovereign ratings

Fitch Ratings-London/Hong Kong-11 October 2013: Fitch Ratings has affirmed Iceland's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB' and at 'BBB+' respectively. The agency has also affirmed the Short-term foreign currency IDR at 'F3' and the Country Ceiling at 'BBB'. The Outlooks on the Long-term IDRs are Stable.

The press release from Fitch can be found here: Iceland Fitch Press Release 11 October 2013 (pdf)

Friday, July 26, 2013

Standard & Poor's: Republic of Iceland Outlook Revised to Negative on Fiscal Risk

Standard & Poor's have today affirmed Iceland's BBB-/A-3 long- and short-term foreign and local currency sovereign credit ratings but changed the outlook to negative from stable on fiscal risks.

See further information in this announcement from Standard & Poor's: Announcement from S&P (pdf)

Friday, February 08, 2013

Moody's changes outlook on Iceland's Baa3 rating to stable from negative

Moody's Investors Service has today changed the outlook on the Baa3 rating of the Government of Iceland to stable from negative. The country's Baa3/Prime-3 long and short-term ratings remain unchanged.

Moody's decision to revise the outlook to stable is based on the reduced event risk following the European Free Trade Association's (EFTA) Court decision in January, which adds to a series of positive developments in Iceland over the past 12 months.

Rating Action

Wednesday, October 17, 2012

Standard & Poor's affirm Iceland's ratings

Standard & Poor's have today affirmed Iceland's BBB-/A-3 long- and short-term sovereign credit ratings and their stable outlook.

Read more (pdf)

Wednesday, November 23, 2011

Standard & Poor's changed its outlook on Iceland´s sovereign credit ratings to stable

Standard & Poor's affirmed today an unchanged credit rating for BBB-/A-3 on long and short term of Iceland's foreign and local currency. The outlook was revised to stable from negative.

Highlights of Standard and Poor's statement:
• The Republic of Iceland's economy is recovering from the systemic failure
of its three largest banks, and has returned to positive economic growth
after two years of severe contraction.
• In our view, significant headway has been made in restructuring the
private-sector balance sheet and we expect the process to be mostly
completed by mid-2012.
• We are therefore revising the outlook on the ratings on Iceland to stable
from negative, which balances our view of Iceland's improved economic
fundamentals with downside risks associated with capital controls being
lifted in the next few years.
• We are also affirming the 'BBB-/A-3' sovereign ratings on Iceland.

Read more (pdf)

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Yield Curve

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Non-IndexedPriceYield
RIKB 16 101399.996.02%
RIKV 16 1017 99.645.50%
RIKV 16 1115 99.205.51%
RIKV 17 011698.285.60%
RIKB 17 0206 99.845.38%
RIKV 17 021597.845.49%
RIKB 19 0226107.905.18%
RIKB 20 0205103.155.20%
RIKB 22 1026110.805.14%
RIKB 25 0612119.905.11%
RIKB 31 0124114.025.10%
IndexedPriceYield
RIKS 21 0414104.102.82%
HFF150224102.303.16%
HFF150434107.902.81%
HFF150644113.002.74%

CPI Change

Current Value436.40
12 Months Change*0.95%
3 Months Change*0.83%
Last Month Change0.34%
Daily CPI436.40

* Annualized rates