The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Euromoney Country Risk

Country risk: There’s an A in Iceland

Two of the earliest victims of the sovereign debt crisis that hit Europe in 2009 are ahead of the pack again – but this time they are leading the way by re-establishing themselves as economic success stories. Euromoney Country Risk’s survey charts the risers and fallers.

by Tessa Wilkie and Chilli Wutte


Iceland and Ireland could be set for further boosts from the rating agencies, according to the latest Euromoney Country Risk survey. 

Iceland’s score indicates it is fast closing on tier-two status – which implies a credit rating of A- to AA. Jeremy Weltman, economist at MJEconomics and ECR, predicts that an upgrade for the Baa3/BBB/BBB- rated sovereign is imminent. 

“Euromoney’s survey data suggest Iceland should soon be A-rated,” says Weltman. “It is only two places and less than four points below tier two and moreover sandwiched between two A-grades, Malaysia and China.”

ECR experts provide real-time country scores across a range of political, economic and structural criteria. Expert scores are combined with access to capital scores, credit ratings and debt indicators, and aggregated to provide a total risk score. More than 400 economists and experts from a range of financial and other institutions participate in the survey.




Iceland has climbed 12 places in the Euromoney Country Risk rankings to 37th since the first quarter of 2012.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree