Iceland drops out of Top Ten…and is happy about it

kronurIceland has dropped out of the top ten countries most likely to default, according to CMA Credit Market Analysis. CMA’s list is compiled daily and distributed to financial markets.

Iceland’s CDS (Credit Default Swap) rating took a steep dive (which is a good thing), ending Wednesday on 330 points. The day before Iceland had been on 411 points.

Iceland has been in the CMA top ten every day since shortly before the banking crash in autumn 2008, or coming up on two years. The highest Iceland reached was fifth on the dubious Top Ten, but has been on the way down since the New Year. reports that there had been a large difference in ratings for Iceland with CMA’s competitor, Markit Itraxx, rating Iceland on 340 points. CMA has now adjusted its levels in Iceland’s favour and both companies are now similar in their outlook for the country.

It comes as little surprise that Greece has jumped to number one with CDS ratings at 878 points. CMA believes there is a 50 percent chance of a Greek default, which would have massive international impacts.

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