Fitch ups Iceland default rating outlook to stable

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On Monday Fitch Ratings affirmed Iceland's long-term foreign and local currency issuer default ratings of BB+ and BBB+ and revised the outlooks to stable from negative. The foreign currency short-term issuer default rating was affirmed at B and the country ceiling at BB+.

This positive rating action on Iceland, its first since 2006, reflects "a reassessment of the near-term impact on sovereign creditworthiness of the popular rejection of the 'Icesave' agreement in a national referendum on April

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