LONDON (AP) -- Ratings agency Fitch says Iceland's long-term debt is now safe to buy, adding the outlook for the tiny North Altantic nation is stable.
Fitch upgraded Iceland's debt to BBB- from BB+, lifting it out of junk status. Fitch cited the slow but steady progress made by Iceland in emerging from its 2008 banking and currency crisis.
Iceland's debt-laden economy was the first to crumple under the weight of the credit crunch, but has since begun to recover.
The International Monetary Fund forecasts growth of 2.5 percent in 2012, far better than its struggling European neighbors.
Fitch said Friday that Iceland has managed to contain the rise in unemployment and is on track to turn its deficits into a fiscal surplus.
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Online:
http://www.fitchratings.com/
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