01 April 2008

Fitch Changes Iceland's Outlook to Negative

Fitch Ratings-London-1 April 2008: Fitch Ratings has today revised the Outlooks on the Republic of Iceland's Long-term foreign and local currency Issuer Default Ratings (IDR) to Negative from Stable. The Long-term foreign and local currency IDRs are affirmed at A+ and AA+ respectively, while the Short-term IDR remains at F1 and the Country Ceiling at AA-. The revision of the Outlook on Iceland's sovereign ratings follows the action to place the credit ratings of Iceland's three largest banks, Glitnir Banki hf., Kaupthing Bank hf. and Landsbanki Islands on Rating Watch Negative.

Fitch press release can be approached here