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Iceland’s Ratings Upgrade Paves Way for Faster FX Regime Exit

The island’s debt rating was raised late Thursday by two steps to A3 from Baa2 at Moody’s Investors Services, its first upgrade since 2015. The move “reflects the speed and extent of the country’s recent progress in recovering from its 2008 banking crisis,” Moody’s said. Removing the capital controls "may become easier" after the Moody’s upgrade, Finance Minister Bjarni Benediktsson said in an interview. “We’re not in any immediate need for financing – we’ve lately rather been seeking to reduce debt – but it’s clear that this improved credit rating is helpful.” The rating upgrade should help Iceland in further liberalization of capital controls in near future and underlines the strong position of the country and a great turnaround from the economic adjustment it went through in 2008. (Bloomberg)

 

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