Moody's might cut Faroe Islands

Moody's Investors Service said it placed the Faroe Islands' Aa3 issuer rating on review for downgrade.

Moody's said the decision to place Faroe Islands' issuer rating on review for downgrade follows a July 31 vote on by European Union member states to favor implementation of sanctions against Faroe Islands' fishing exports.

This action follow ongoing disputes between the European Union and the Faroe Islands over fishing quotas, which escalated in March 2013, when the Faroe Islands unilaterally set its own 2013 quota for herring and mackerel.

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