Iceland’s rating up

REYKJAVIK: Standard & Poor’s announced on Friday it had bumped up Iceland’s credit rating by one notch to BBB+, citing progress over the easing of capital controls imposed during the 2008 banking crisis. “The upgrade primarily reflects the further progress Iceland has achieved in resolving the issues standing in the way of capital account liberalisation since June 2015,” the ratings agency said in a statement. The 2008 economic crisis caused the sudden collapse of the island nation’s financial sector, forcing the country to ban the outflow of capital for fear of draining the economy of all its resources.