Report title: Iceland - Downgrade Reflects Dislocations from Global Banking Crisis
from Moody's Global Credit Research
4 page (2087 word) report published Oct 09, 2008

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...Moody's Investors Service downgraded to A# from Aa# the government bond ratings and country ceiling for foreign currency bank deposit ceiling of Iceland. Both the bond ratings and ceiling remain under review for possible downgrade. "In recent weeks, the unprecedented seizing up of global credit markets has compounded the difficulties of Icelandic banks and considerably complicated the task of the government to restore financial stability," says Moody's Vice President Kenneth Orchard, lead analyst for Iceland. "While the sources of the crisis were well i dentified, its severity is clearly magnified by current global financial market disl ocations. In such circumstances, the long term credit standing of the country depends on the authorities' crisis management skills and the extent to which the government's balance sheet will be durably impaired, both in absolute and com parative terms," adds Orchard. The rating actions are based on the assess ment that Iceland now faces...

Report Type: Special Comment
Issuer: Iceland
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