Fitch ratings published a commentary today stating that short-term ratings of Iceland in foreign and local currency, have been placed Under Criteria Observation (UCO) with the possibility of an upgrade. In line with revised criteria assigning short-term ratings, Fitch has announced it will take into consideration short-term ratings across all sectors including companies and sovereigns, that have long-term ratings in the A and BBB+ categories. This involves that short-term ratings of entities with the long-term rating of A can now correspond to F1+ in addition to the existing F1 mapping, and similarly those with long-term ratings of BBB+ can now correspond to F1 in addition to existing F2 mapping. According to Fitch, a potential rating action for Iceland would be an upgrade of short-term ratings to F1+ from current F1. The next scheduled review date for Fitch´s sovereign rating on Iceland is 24 May 2019.