Moody’s improves Iceland credit rating

skjaldamerkiThe international ratings agency, Moody’s has changed its outlook on Icelandic creditworthiness from negative to stable.

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.

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