Fitch: Iceland bond BBB-

Fitch Ratings said it assigned the Republic of Iceland's $1 billion Eurobond, with a coupon of 5.875% due May 2022, a BBB- rating.

The agency said the rating is in line with Iceland's long-term foreign currency issuer default rating, which has a stable outlook.

Fitch said it also upgraded Iceland's long-term and short-term foreign currency issuer default ratings to BBB- and F3 respectively from BB+ and B on Feb. 17, while affirming the long-term local currency issuer default rating at BBB+.

Both long-term ratings have stable outlooks.

The agency said the restoration of Iceland's long-term foreign currency rating to investment grade reflected the progress that has been made in restoring macroeconomic stability, pushing ahead with structural reform and rebuilding sovereign creditworthiness since the 2008 banking and currency crisis.

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