Moody's: Rejection of Icesave Agreement Has No Immediate Rating Impact
On 20 April 2011, Moody’s affirmed Iceland’s local and foreign currency government bond ratings at Baa3 and maintained its negative outlook on the rating further to the rejection of the revised Icesave agreement by the Icelandic electorate on 9 April 2011. Moody’s had previously stated that a rejection would most likely result in a negative rating action. However, today’s affirmation of the rating recognizes several developments that led Moody’s to reach a more benign assessment of the potential impact of the referendum outcome than it had previously assumed.
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Moody's affirms Iceland's Baa3/P-3 ratings and maintains negative outlook
Moody's Investors Service has today affirmed Iceland's Baa3 local and foreign currency government bond ratings and their negative outlook, as well as the Prime-3 rating for the country's short-term debt.
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Interest rate decision and webcast
A special webcast in which the decision of the MPC will be explained will begin at 10:30.
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Monetary Bulletin published
The Monetary Bulletin of the Central Bank of Iceland has been posted on this website. This is the second issue in 2011.
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Statement of the Monetary Policy Committee 20 April 2011
The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to keep the Bank’s interest rates unchanged. The deposit rate (current account rate) will remain 3.25%, the maximum bid rate for 28-day certificates of deposit (CDs) 4.0%, the seven-day collateralised lending rate 4.25%, and the overnight lending rate 5.25%.
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