LONDON (Standard&Poor's) Nov. 15, 2002--Standard&Poor's Ratings Services said today it revised its outlook on the Republic of Iceland to stable from negative. At the same time, Standard&Poor's affirmed all its ratings on Iceland, including its 'AA+/A-1+' local currency and 'A+/A-1+' foreign currency issuer credit ratings. "The outlook revision reflects the stabilization of Iceland's external imbalances, progress in the privatization of state-owned banks, and the undented profitability of the banking system in the aftermath of the recent credit boom, which has now come to an end," said Standard&Poor's credit analyst Moritz Kraemer. After several years of rapid growth in domestic demand, Iceland's current account deficit had reached 10% of GDP in 2000. External
