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 12 2024
Treasury Bills
Treasury Bill Auction Announcement - RIKV 24 0821 - RIKV 24 1218
Series RIKV 24 0821 RIKV 24 1218
ISIN IS0000036069 IS0000036499
Maturity Date 08/21/2024 12/18/2024
Auction Date 06/14/2024 06/14/2024
Settlement Date 06/19/2024 06/19/2024

On the Auction Date, between 10:30 am and 11:00 am, the Government Debt Management will auction Treasury bills in the Series, with the ISIN numbers and with the Maturity Dates according to the table above. Payments for the Treasury bills must be received by the Central Bank before 14:00 on the Settlement Date and the Bills will be delivered in electronic form on the same day.

Further reference is made to the General Terms of Icelandic Treasury bills and General Terms of Auction for Treasury bills on the Government Debt Management website.

For additional information please contact Oddgeir Gunnarsson, Government Debt Management, at +354 569 9635.

Jun 05 2024
Treasury Bonds
Treasury bond auctions cancelled

The Government Debt Management has decided to cancel the last two Treasury bond auctions that were scheduled in Q2/2024 since the target amount for the quarter has already been reached.