Fitch Ratings has today downgraded the Republic of Iceland's Long-term foreign and local currency Issuer Default ratings (IDR) to ‘BBB-' (BBB minus) and ‘A-' (A minus) respectively. The Short-term IDR is also downgraded to ‘F3' from and the Country Ceiling to ‘BBB-'. All Iceland's sovereign ratings remain on Rating watch Negative.
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