Feb 16, 2013
Iceland’s rehabilitation after several years as a pariah in the global financial markets gathered pace last night after ratings agency Fitch said the island nation’s debts had moved further into investment grade status.
Fitch said Iceland’s debts had been upgraded to BBB – from the lowest rung of the investment grade category, BBB- – after a strong recovery from the financial crisis.
Reykjavik’s meteoric recovery comes after its 300,000 residents were told they would be locked out of the world’s financial markets for decades after they refused to rescue a group of bankrupt banks in 2008.
Unlike Ireland, Portugal and Spain, the Icelandic government let the country’s banks become insolvent rather than spend tens of billions of pounds on bailout funds.
This article was posted: Saturday, February 16, 2013 at 6:37 am