Fitch Ratings lowers Iceland’s credit rating Skip to content

Fitch Ratings lowers Iceland’s credit rating

The international ratings agency Fitch Ratings lowered the credit rating of Iceland’s state treasury by one point yesterday due to unfortunate trade deficit balance and foreign debts compared to profits from national production and export.

Fitch Ratings’ estimation caused a one percent drop in the value of the Icelandic krona currency immediately after it was made public, about 30 minutes before markets closed yesterday, Morgunbladid reports.

Director of the Central Bank in Iceland, Davíd Oddsson, said Fitch Ratings’ estimation should be taken seriously.

Fitch Ratings did not lower the credit rating of the Icelandic banks.

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