LONDON (Standard&Poor's) Dec 16, 2003--Standard&Poor's Ratings Services said today it revised its foreign currency outlook on the Republic of Iceland to positive from stable. At the same time, all the ratings on Iceland were affirmed, including the 'A+/A-1+' foreign currency and 'AA+/A-1+' local currency sovereign credit ratings. The local currency outlook remains stable. "The revision of the foreign currency outlook reflects Standard&Poor's positive reappraisal of developments in the financial sector, as well as the beneficial impact of large-scale investments on the structure of the economy and its growth prospects," said Standard&Poor's credit analyst Kai Stukenbrock. Tighter regulation and supervision, privatization of two of the largest banks, and consolidation have strengthened the financial
