Iceland: A Difficult Road Ahead - Special Report - 2008/12/11 - Fitch Research

Report title: Iceland: A Difficult Road Ahead

from Fitch Research
6 page (11253 word) report published Dec 11, 2008

Price $275.00 available for immediate download

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...On 19 November Iceland finally won IMF approval for a two\01year USD2.1bn stand\01by arrangement (SBA), supplemented b y some USD3bn of bilateral official funding. This financial rescue package, which had been delayed by prolonged debate over whether the sovereign was liable for private deposit insurance obligations in overseas jurisdictions, followed the collapse of the banking system at the beginning of October. Multiple sovereign rating downgrades accompanied this credit event, taking Iceland s Foreign and Local Currency Long\01Term Issuer Default Ratings (IDRs) from A+ and AA+ to BBB- and A- respectively; all the ratings remain on Rating Watch Negative. IMF Executive Board approval of the SBA triggered an immediate disbursement of USD827m, allowing the authorities to take the first steps towards restoring confidence in the currency, restructuring the financial system and stabilising the economy. This Special Report examines...

Report Type:

Special Report

Company(ies):

Government of Iceland

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