Iceland Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
A2 Positive | A Positive | A Positive | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Aug 08, 2025 | Fitch | A | Stable | A | Positive | |
| Jul 14, 2023 | Moody's | A2 | Stable | A2 | Positive | |
| May 12, 2023 | S&P | A | Stable | A | Positive | |
| Mar 18, 2022 | Fitch | A | Negative | A | Stable | |
| May 22, 2020 | Fitch | A | Stable | A | Negative | |
| Nov 08, 2019 | Moody's | A3 | Positive | A2 | Stable | |
| Jul 20, 2018 | Moody's | A3 | Stable | A3 | Positive | |
| Dec 08, 2017 | Fitch | A- | Positive | A | Stable | |
| Jul 07, 2017 | Fitch | BBB+ | Positive | A- | Positive | |
| Mar 17, 2017 | S&P | A- | Stable | A | Stable | |
| Jan 13, 2017 | S&P | BBB+ | Stable | A- | Stable | |
| Jan 13, 2017 | Fitch | BBB+ | Stable | BBB+ | Positive | |
| Sep 01, 2016 | Moody's | Baa2 | Positive Watch | A3 | Stable | |
| Jun 10, 2016 | Moody's | Baa2 | Stable | Baa2 | Positive Watch | |
| Jan 15, 2016 | S&P | BBB | Stable | BBB+ | Stable | |
| Jul 24, 2015 | Fitch | BBB | Positive | BBB+ | Stable | |
| Jul 17, 2015 | S&P | BBB- | Positive | BBB | Stable | |
| Jun 29, 2015 | Moody's | Baa3 | Stable | Baa2 | Stable | |
| Jan 30, 2015 | Fitch | BBB | Stable | BBB | Positive | |
| Jul 18, 2014 | S&P | BBB- | Stable | BBB- | Positive |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Iceland’s current credit rating?
Iceland’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Iceland’s credit risk.
Has Iceland’s credit rating changed recently?
This page lists the latest rating and outlook actions for Iceland, showing when each agency last reviewed or changed its assessment.
Why does Iceland’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Iceland's bond yields, currency, and equity flows as investors reassess risk.
How does Iceland’s rating compare to other countries?
You can explore how Iceland ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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