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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.
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)
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.
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.
.... Without Detriment to Sovereign Creditworthiness
Moody’s has issued a report on Iceland´s Mortgage Debt-Relief Plan. Full report (pdf)
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)
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)
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)
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.
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)
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.
Moody's published on the 15th and 16th of November an opinion on the Republic of Iceland credit rating. Sovereign credit ratings are Baa3 for long-term and P-3 for short-term obligations. The outlook is negative. Both statements of the Rating agency can be seen below.
Moody's Credit Opinion Nov 2011.(pdf)
Moody's Issuer Comment Nov 2011.(pdf)
GDM 4Q 2011 .pdf
* Annualized rates