S&P upgrades Iceland to A-

S&P said it raised its long-term foreign and local currency sovereign credit ratings on the Republic of Iceland to A- from BBB+ and affirmed the A-2 short-term ratings.

The outlook is stable.

S&P said the upgrade largely stems from Iceland's stronger-than-anticipated external performance characterized by a sizable current account surplus and material growth in the CBI's foreign exchange reserves throughout 2016.

The agency believes current account surpluses will persist over its 2017-2020 forecast horizon.

The upgrade also reflects the Icelandic economy's robust growth dynamics and our expectation of a continued reduction in the general government debt level as a percentage of GDP, S&P added.

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