Tags: EU | Iceland | Financial | Crisis

Moody's Lifts Iceland's Debt Rating Outlook

Friday, 23 Apr 2010 06:52 AM

Moody's Investor Service has lifted Iceland's ratings outlook back to stable from negative after the crisis-stricken country received more bailout funds from the International Monetary Fund.

The ratings agency said Friday the restoration of financing from the IMF and Nordic governments ensures critical external liquidity.

It adds that the resumption of financial inflows into Iceland "should boost confidence and support the ongoing economic recovery."

Iceland earlier this week drew $160 million more from a $2.1 billion loan agreed in November 2008 after the country's banking system collapsed and its currency plummeted.

The funds were delayed by a stalemate in the so-called Icesave dispute — the repayment of $5.3 billion to Britain and the Netherlands.

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