LONDON (Standard&Poor's) Nov. 15, 2001--Standard&Poor's today assigned its 'A-1'-plus short-term unsecured debt rating to the $1 billion U.S. Commercial Paper Program launched by the Republic of Iceland last month. At the same time, Standard&Poor's affirmed all its ratings on Iceland, including its single-'A'-plus/'A-1'-plus foreign-currency and double-'A'-plus/'A-1'-plus local-currency issuer credit ratings. The outlook is negative. The ratings on Iceland are supported by a strengthened fiscal position and a high standard of living. The government, supported by a buoyant economy, has partly counteracted a decline in the domestic savings rate (to less than 14% of GDP) by running fiscal surpluses since 1998. This compares very favorably with its 'A' rated peers, which generally run deficits. Reflecting
