LONDON (Standard&Poor's CreditWire) Dec. 15, 1999--Standard&Poor's today affirmed its double-'A'-plus long-term local currency issuer credit and senior unsecured ratings and its 'A-1'-plus short-term local currency issuer credit and short-term debt ratings on the Republic of Iceland. Standard&Poor's also affirmed its single-'A'-plus long-term foreign currency issuer credit and senior unsecured ratings, and its 'A-1'-plus short-term foreign currency issuer credit and commercial paper ratings on Iceland. The local currency outlook remains stable, and the foreign currency outlook remains positive. The ratings and positive foreign currency rating outlook are supported by: -- Strong public finances. Years of fiscal prudence and strong economic growth have resulted in a small general government surplus since 1997, estimated at 1.3% of
