In its annual sovereign credit report on Iceland, Moody's Investors Service says that it still considers Iceland to be an investment-grade country, despite the country's current financial and economic crisis and the future challenges it faces. However, Moody's is maintaining its negative outlook on the Baa1 rating because the economic outlook for Iceland remains uncertain and could change quickly.
Moody's report can be approached here:
Moody's press release can be approached here: