Iceland’s economy is now stable enough to be considered a safe place to invest according to major credit agency Fitch.
Four years after the small nation’s economy was hit when its banks collapsed with huge losses, the country’s sovereign rating has been upgraded to BB+.
Iceland’s Finance Minister has said that his country’s small size allowed it to recover quicker: “You are quicker turning a small boat around than a big ship.” he said.
Last week ratings agency Moodys placed the UK on a negative outlook. Experts estimate that there is a 30% chance that the UK could lose its triple A status within 18 months.