S&P Global Ratings Raises Iceland Ratings To 'A+ ' On Strong Growth and Fiscal Consolidation; Outlook Stable
S&P Global Ratings has upgraded Iceland ´s long-term foreign and local currency credit ratings to 'A+' from 'A'. The outlook is stable.
The upgrade reflects Iceland's continued strong growth momentum, despite the economy already surpassing its pre-pandemic peak in the first quarter of 2022. S&P forecasts a growth of 3.8% in Iceland for 2023, which is stronger than for other sovereigns rated by S&P in Europe.
The key tourism sector, which represents around 30% of exports, is performing well and most indicators, including arrivals, have surpassed the 2019 levels. S&P expects domestic demand to take over as a key growth driver from 2024, backed by Iceland's strong natural population growth and continued expansion of new economic sectors, including biotechnology, aquafarming, IT, and business services. S&P also notes that Iceland remains self-sufficient in meeting its domestic energy needs, mainly through local hydropower and geothermal sources.
Meanwhile, the government is accelerating its fiscal consolidation plans, not least to support monetary policy in efforts to bring down inflation, which S&P expects will average 8% in 2023. Net general government debt is reducing and S&P forecast it will reach 41% of GDP by 2026, down from 46% of GDP at the end of 2023. In S&P‘s view, Iceland's low net external leverage and strong central bank international reserves provide further economic buffers. Iceland's stable institutional framework and effective policymaking also support the ratings.
Nevertheless, the ratings remain constrained by the volatile nature of Iceland's small, open economy and the limited effectiveness of its monetary policy given the strong influence external developments can have on domestic inflation trends.
The stable outlook reflects S&P‘s view that Iceland's economy will continue to expand over the next two years, while recording only modest fiscal and current account deficits.
According to S&P, Iceland´s ratings could be raised if public finances strengthened significantly more than the rating agency currently anticipates, for instance, as a result of stronger growth outcomes or additional measures adopted by the government.
S&P could lower the ratings if Iceland's fiscal or external performance worsened significantly compared to forecasts. This could happen, for example, if an unanticipated shock hampered the country's key tourism sector.
Further information found on www.government.isTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Press Release: Sarclisa® (isatuximab) Phase 3 trial met primary endpoint of progression free survival in patients with newly diagnosed multiple myeloma not eligible for transplant7.12.2023 07:35:00 CET | Press release
Sarclisa® (isatuximab) Phase 3 trial met primary endpoint of progression free survival in patients with newly diagnosed multiple myeloma not eligible for transplant Sarclisa added to bortezomib, lenalidomide and dexamethasone (VRd) significantly reduced the risk of disease progression or death compared with VRd aloneFirst global Phase 3 study to report positive results with an anti-CD38 therapy in combination with VRd in transplant-ineligible patients, reinforcing the potential for Sarclisa as a best-in-class medicineStudy results will be submitted for presentation at an upcoming medical meeting and form the basis of a future regulatory submission PARIS, December 7, 2023. The Phase 3 IMROZ trial evaluating the investigational use of Sarclisa® (isatuximab) in combination with standard-of-care bortezomib, lenalidomide and dexamethasone (VRd) met its primary endpoint at a planned interim analysis for efficacy, demonstrating statistically significant improvement in progression-free surviva
Avance Gas Holding Ltd: Ex Dividend USD 0.50 today7.12.2023 07:01:00 CET | Press release
Hamilton, Bermuda, December 7, 2023 The shares in Avance Gas Holding Ltd (ticker: "AGAS") will be traded ex-dividend USD 0.50 as of today relating to the dividend for the third quarter of 2023. The dividend will be paid on December 15, 2023. For further information, please contact: Randi Navdal Bekkelund - Chief Financial Officer Tel: +47 23 11 40 00 Email: IR@avancegas.com ABOUT AVANCE GAS Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carriers (VLGCs) and operates a fleet of fourteen modern ships including two dual fuel LPG newbuildings for delivery in early 2024 as well as four medium sized gas/ammonia carriers due for delivery in 2025 and 2026. For more information about Avance Gas, please visit www.avancegas.com. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Capital Markets Day 2023 - Ipsen outlines next phase of growth & transformation and provides new mid-term outlook7.12.2023 07:00:00 CET | Press release
PARIS, FRANCE, 7 December 2023 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-driven biopharmaceutical company, today holds its Capital Markets Day in London, U.K. “Ipsen has made significant progress since our strategic roadmap was implemented three years ago and is today in a great spot,” commented David Loew, Chief Executive Officer, Ipsen. “Our business has been transformed, with the focus on Specialty Care now supported by a stronger pipeline and momentum from our growth platforms, as well as a robust balance sheet and an external-innovation strategy yielding compelling results. Ipsen is now ready for its next phase of growth with several launches across multiple potential indications, providing more options for patients with high unmet medical needs. Our journey will be driven by the combination of the growth platforms, our new medicines and more external-innovation transactions to come. We will also continue to deliver on our ambitious sustainability objectives and road
Ipsen confirms U.S. FDA grants priority review for New Drug Application for elafibranor for the treatment of rare cholestatic liver disease, PBC7.12.2023 07:00:00 CET | Press release
New Drug Application granted priority review with PDUFA date set for June 10, 2024 European Medicines Agency (EMA) has also validated the Marketing Authorization Application (MAA) for elafibranor Investigational elafibranor is the first novel second-line treatment for primary biliary cholangitis (PBC) to be filed in E.U. and U.S. in nearly a decade PARIS, FRANCE, 07 December 2023 - Ipsen (Euronext: IPN; ADR: IPSEY) and GENFIT (Nasdaq and Euronext: GNFT) today announced that the U.S. Food and Drug Administration (FDA) has accepted the New Drug Application (NDA) for investigational elafibranor. An oral, once-daily dual peroxisome activated receptor alpha/delta (PPAR α,δ) agonist, investigational elafibranor could potentially be the first novel second-line treatment for the rare, cholestatic liver disease, PBC, in nearly a decade. The target FDA PDUFA date under priority review is June 10, 2024. The European Medicines Agency (EMA) has also validated Ipsen’s Marketing Authorization Applica
Santhera Appoints Executive Committee Members as it Transitions into Commercial Stage7.12.2023 07:00:00 CET | Press release
Pratteln, Switzerland, December 7, 2023 – Santhera Pharmaceuticals (SIX: SANN) announces the promotion of Geert Jan van Daal, MD, PhD, to Chief Commercial Officer (CCO) and of Marc Schrader to Chief Technology Officer (CTO). Both will join the six-member Executive Committee effective January 1, 2024. “Santhera is transitioning to the commercial phase and will make AGAMREE® (vamorolone) available to patients in Europe starting in Germany in early 2024, subject to approval by the European Commission. In a staged roll-out across the key European markets, launches will follow in the UK and France later that year, with Spain and Italy scheduled to launch in early 2025,” said Dario Eklund, CEO of Santhera. “With Geert Jan and Marc joining the Executive Committee, we are leveraging the existing expertise within our leadership team and are elevating the commercial and supply chain functions to their level of importance as we enter the commercial market.” Geert Jan van Daal, MD, PhD, has held v