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Fitch Ratings said the “A” rating was based on Iceland’s very high per capita income and good governance. Very large pension fund assets and substantial deposits underpinned the country’s financing flexibility. The rating is limited, however, by the small size of the economy and the limited export diversification, which makes it vulnerable to external shocks and financial account risks. The negative outlook reflects the effects of the coronavirus pandemic on the Icelandic economy and the resulting deterioration in public finances. FRANKFURT (Dow Jones)
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