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S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on the Republic of Iceland to 'A-' from 'BBB+'. Also, the credit rating agency affirmed the short-term ratings as 'A-2', while keeping the outlook stable.
Iceland's balance of payments performance has exceeded the S&P Global forecasts. The credit rating agency estimated the current account surplus was more than 5 percent of GDP in 2016, predominantly supported by robust tourism growth.
The Central Bank of Iceland's (CBI) foreign exchange reserves grew by over 40 percent last year, marking a visible strengthening in the economy's external position. Therefore raising long-term ratings on Iceland to 'A-' from 'BBB+', reported S&P Global in its press release.
The stable outlook primarily balances the potential for further improvement in Iceland's external and monetary profiles, as capital controls are fully lifted, against the risk of the domestic economy overheating over the next two years, they added.
