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imageREYKJAVIK: Rating agency Moody's has raised Iceland's credit rating by a notch to Baa2, the government said in a statement on Tuesday after its decision to lift capital controls was welcomed.

Iceland's rating, accompanied by a "stable" outlook, is now two steps above "speculative."

"The gradual removal of the capital controls and the reduction of the external and economic vulnerabilities posed by the failed banks' estates constitute a significant milestone in Iceland's recovery and represent important upside risks for future growth, public debt reduction and normalization of the financial system," Moody's wrote in a statement.

Iceland held the highest possible credit rating, "Aaa", from October 2002 until May 2008, when Moody's lowered it by a notch. Five months later, the country found itself on the verge of collapse, with the failure of its three biggest banks and its financial sector in tatters, requiring it to seek a loan from the International Monetary Fund.

Copyright AFP (Agence France-Presse), 2015

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