S&P Global Ratings affirms Iceland’s sovereign ratings at A/A-1 with a stable outlook

17.05.19
S&P Global Ratings affirms Iceland’s sovereign ratings at A/A-1 with a stable outlook

International rating agency S&P Global Ratings has affirmed Iceland’s sovereign ratings at A/A-1 with a stable outlook. The rating agency assumes a recession in 2019 due to declining tourist arrivals, and that current account balance will swing into a deficit this year, but return to growth thereafter.

The stable outlook reflects strong fiscal and external buffers, mitigated by risks stemming from the volatility of Iceland´s small open economy and a potentially abrupt slowdown in tourism.

 According to S&P, the agency could raise the ratings if the fiscal performance and external position strengthen significantly beyond current projections over the next two years. On the other hand, the rating agency could lower the ratings on signs of increasing balance of payments pressures or risks to the stability of the financial sector over the next two years. These could emerge if the current reduction in tourism flows is sharper than expected. 

S&P Global Ratings research update (pdf)

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Jun 10 2025
Treasury Bonds
New Government bond series

The Icelandic Treasury will issue nine new Government bond series in connection with the settlement of ÍL Fund (formerly the Housing Financing Fund). The following nominal amounts will be issued:

Series:                         ISIN:                           Nominal value:

RIKS 29 0917               IS0000037711             67,000,000,000 kr.

RIKS 34 1016               IS0000037737             60,353,539,382 kr.

RIKS 36 0815               IS0000037729             59,000,000,000 kr.

RIKS 39 1115               IS0000037745             49,000,000,000 kr.

RIKS 41 0815               IS0000037760             50,000,000,000 kr.

RIKS 44 1017               IS0000037778             50,313,049,596 kr.

RIKS 47 1115               IS0000037786             48,000,000,000 kr.

RIKS 50 0915               IS0000037794             47,000,000,000 kr.

RIKB 32 1015               IS0000037752             56,000,000,000 kr.

The Government bonds will be subject to the "General terms and conditions for Icelandic Government bonds" and "Specific terms" for each bond series, which can be accessed on the Government Debt Management website, www.lanamal.is. Issuance in the above-mentioned bond series related to the winding-up of ÍL Fund may be carried out in a manner other than that described in Article 3 of the General terms and conditions for Icelandic Government bonds, dated 5 June 2025.