Fitch upgrades Iceland to BBB

Iceland’s debt is now investment-grade, according to a revised rating from Fitch. Citing “impressive progress in recovering from the financial crisis of 2008-09” the ratings behemoth announced yesterday evening that it was upping the north Atlantic island’s debt, as well as placing it on a stable outlook. Fitch gave the small country plaudits for a debt-to-GDP ratio that is already on its way down due to fiscal consolidation.