Iceland still has junk bond status in the eyes of the ratings agencies.

BBC: Icelandic lessons for the eurozone

Then the mayor flew to Wall Street, which he boasted he would so impress with his forceful ideas that it would upgrade Miami's bond-rating from junk status. (It listened politely but remained unmoved.) It was then that a columnist, Carl Hiaasen, advised the mayor in the Miami Herald that, while in New York, he should visit Bellevue, an insane asylum of legend.

ECONOMIST: Miami politics

Many of her highly leveraged companies are severely troubled and as a result her once triple-AAA bond deals have been reduced to junk status.

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The country's credit rating was slashed to near-junk status on March 29th, while ten-year bond yields have risen above 8% as investors fear Portugal will have to turn to the European Union and the IMF for loans.

ECONOMIST: The euro zone's periphery