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Iceland debt 'safe to invest' after ratings upgrade

Published Feb 17, 2012 at 21:35 - Fool

Iceland is safe to invest in again, according to Fitch, which has upgraded its credit rating three years afterwards its economy spectacularly collapsed.

Fitch raised Iceland's sovereign rating by one notch, to BBB- from BB+, meaning that the country's debt is however "investment grade".

The value of the Icelandic krona plunged

The value of the Icelandic krona plunged, which made its exports more competitive. The new government of 2009 was allowed to carry on borrowing and spending for another year previously spending cuts kicked in.

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