Moody’s published its latest outlook for Iceland today, and rates the country’s creditworthiness as Baa3. The company says it made the change because of the recently completed IMF review which secures funds for Iceland and means the government will be able to continue its recovery package as planned.

National risk assessor at Moody’s, Kenneth Orchard, said that Iceland’s outlook was downgraded a few weeks ago because of doubt it could pay up its eurobonds due next year and at the beginning in 2012. With access to the IMF, Polish and Nordic loans, that risk has now been removed, Visir.is reports.

The fact that the ‘no’ vote was so widely predicted means the outcome of the vote has had no effect on Iceland’s creditworthiness. Standard and Poor’s also makes special note in its report that the referendum rejected a proposed repayment plan from December; it did not reject repayment of Icesave deposits to the Netherlands and the UK altogether.

The report says Iceland’s sovereign credit rating will be revisited once it has become clear whether or not the referendum has had an effect on Iceland’s international IMF-led reconstruction package. The IMF’s latest review is due soon. There is still a lot of uncertainty surrounding Iceland’s rescue package while the Icesave issue goes unresolved.

Standard and Poor’s has already taken into account the fact that the Icesave issue could potentially remain unresolved for a long time due to upcoming elections in both the Netherlands and the UK; but believes, on the other hand, that the Icelandic government will not fall due to Icesave, RUV reports.