The word is that people are afraid that Iceland and Icelandic businesses might be heading for the “junk bond” pile at the major ratings agencies, Fitch, Moody’s etc.
I honestly don’t think that matters all that much. Fitch, Moody’s and their ilk should review their ratings for Iceland and the major US banks in the past few years and tell the world why anyone should take them seriously?
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Robert Culfield
2 years ago
How right you are but unfortunately too many folks in the investment business actually use these rating agencies in making decisions.
Bromley86
2 years ago
Does it actually matter ATM though? Surely no one is going to lend to Iceland whilst the currency controls are in place? Well, the Russians might to salvage their pride, but that’s it.
Dadi
2 years ago
I think it just goes to show how sick the system really is. That the ratings agencies that failed are called upon ratings now, that the politicians that failed are called upon governing, that the bankers who failed are doing the banking, that the lawyers that failed are doing the legal work and the accountants that signed off on the whole deal are doing the books…
SIJ
2 years ago
Don’t forget that the people who merely went about their private business, not rating, not politicizing, not banking, not lawyering, not accounting, they are called upon to pay for the gross negligence, corrupt practices and greed of the others.