I Can Rate Moody's Rating

Moody's Corporation (NYSE: MCO) is the holding company for Moody's Analytics and Moody's Investors Service, a credit rating agency which performs international financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. The company has a 40% share in the world credit rating market. [Wikipedia]

Global Credit Research
Credit Opinion
15 FEB 2007
© Copyright 2007, Moody's Investors Service, Inc.

"Ratings
Category Moody's Rating
Outlook Stable
Country Ceiling: Fgn Currency Debt Aaa/P-1
Country Ceiling: Fgn Currency Bank Deposits Aaa/P-1
Iceland, Government of
Outlook Stable
Government Bonds Aaa
Commercial Paper P-1
Other Short Term P-1"

"AAA highest credit quality. The 'AAA' ratings indicate the expectation of reduced credit risk. Are assigned only in cases where there is an exceptionally strong capacity to meet the principal and interest repayment of financial obligations on time. It is highly unlikely that this capability be adversely affected by foreseeable events" [Abanfin - Google Translated]

"(...) because of the failure of its banking system and a subsequent economic crisis. Before the crash of the three largest banks in Iceland, Glitnir, Landsbanki and Kaupthing, their combined debt exceeded approximately six times the nation's gross domestic product of €14 billion ($19 billion). In October 2008, the Icelandic parliament passed emergency legislation to minimise the impact of the financial crisis. The Financial Supervisory Authority of Iceland used permission granted by the emergency legislation to take over the domestic operations of the three largest banks." [Wikipedia]