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S&P Credit Research396 word report
published Oct 08, 2008
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) Oct. 8, 2008--Standard&Poor's Ratings Services said today that it would not consider it a default of the Republic of Iceland (foreign currency BBB/Negative/A-3; local currency BBB+/Negative/A-2) if the Depositors' and Investors' Guarantee Fund of Iceland did not honor its guarantees on deposits outside Iceland. Standard&Poor's understands that the Depositors' and Investors' Guarantee Fund is a private foundation operating under Icelandic Law, and that its obligations are not pari passu with Icelandic government debt. For a definition of Sovereign default, please refer to table 3 of "Sovereign Credit Ratings: A Primer," published on May 29, 2008, on RatingsDirect.
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Iceland Ratings Would Not Default If Depositor Guarantee Fund Obligations Not Honored Publication date: 08-Oct-2008 Primary Credit Analyst: Eileen X Zhang, CFA, London (44) 20-7176-7105; eileen_zhang@standardandpoo...
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| Report Type: | Bulletin
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| Ticker: | 1171Z@IR
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| Issuer: | Iceland (Republic of)
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| Sector: | Global Issuers, Sovereigns, Utilities
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| Country: | Iceland
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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The ratings on the Republic of Iceland reflect the mounting economic policy challenges facing the sovereign, largely related to pressure on Iceland's external funding for the nation's commercial banks. Iceland's banks rely on wholesale funding, ...
