Stable and mature political institutions. Prosperous and flexible economy as seen in robust export performance since 2008. Regained market access after completing the IMF program, with foreign currency debt maturity to 10 years. High public sector and external debt burden. Uncertainties related to the lifting of foreign exchange controls imposed since 2008. Banking sector restructuring continues, in light of still-high private sector nonperforming loans. The ratings on Iceland are supported by our opinion of its prosperous and flexible economy, and its institutional capacity to address financial sector problems and build an environment more conducive to full employment and sustainable economic growth. The rapid post-crisis adjustment, on both the fiscal and external accounts, has allowed Iceland to complete the IMF program
