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S&P Credit Research586 word report
published May 16, 2008
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| Abstract: | LONDON (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services said today that the strengthening of access to foreign exchange by the Republic of Iceland (foreign currency A/Negative/A-1, local currency AA-/Negative/A-1+) would have no immediate effect on either its ratings or outlook on the sovereign. The action by Iceland is a positive step towards containing the deleterious effect of high financial sector borrowing costs on its already very large current account deficit, which is expected to widen to 16.2% of GDP in 2008 from 15.6% of GDP in 2007. The €1.5 billion euro/Icelandic krona bilateral swap facility with the central banks of Sweden, Norway, and Denmark (all three rated AAA/Stable/A-1+), combined with other sources and existing reserves, provides Iceland's
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Strengthened Foreign Exchange Access By Republic of Iceland Has No Immediate Effect On Ratings Publication date: 16-May-2008 Primary Credit Analyst: Eileen X Zhang, CFA, London (44) 20-7176-7105;...
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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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