Moody's revises Iceland's sovereign outlook to stable

NEW YORK Thu Feb 7, 2013 5:09pm EST

NEW YORK Feb 7 (Reuters) - Moody's Investors Service on Thursday revised upward Iceland's sovereign outlook to stable from negative, citing a recent court win that lowered event risk in the country.

The revision came on the dismissal of a European Free Trade Association case alleging a violation of an obligation under the European Union's Deposit Guarantee Directive.

"The court's decision frees the Icelandic government of the potentially large costs related to the Icesave dispute with the British and Dutch governments," Moody's said in a statement.

Moody's rates the country Baa3. Fitch Ratings and Standard & Poor's both rate the country BBB-minus with a stable outlook.

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