Country risk: There’s an A in Iceland
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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


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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.

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




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