The international investors service Moody’s has decided to review certain work methods of the company and announce the results on Friday, in light of criticism of Moody’s recently upgrading Icelandic banks.
Moody’s upgraded the long-term credit rating of the Icelandic banks, Glitnir, Landsbanki and Kaupthing on February 23, from A1 and A2 to Aaa, the highest rating available.
According to Fréttabladid, the banks’ ratings are likely to drop after Moody’s reviews its work methods.
The investors service has come under considerable criticism by international parties in the finance market for upgrading the Icelandic banks, especially by the Royal Bank of Scotland and Dresdner Kleinwort.
Experts consider it ridiculous that the Icelandic banks are rated in the same way as ABN Amro and Handelsbanken in terms of long-term credit rating, as those banks have more financial strength. In that category the Icelandic banks are rated with C.
Click here to read more about Moody’s rating of the Icelandic banks.
