Glitnir Bank Rating Lowered To 'BBB/A-3' From 'BBB+/A-2'; Outlook Still Negative - 2008/09/29 - S&P Credit Research

Report title: Glitnir Bank Rating Lowered To 'BBB/A-3' From 'BBB+/A-2'; Outlook Still Negative

from S&P Credit Research
946 word report published Sep 29, 2008

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Abstract:

STOCKHOLM (Standard&Poor's) Sept. 29, 2008--Standard&Poor's Ratings Services said today that it lowered its counterparty credit rating on Iceland-based Glitnir Bank to 'BBB/A-3' from 'BBB+/A-2'. Standard&Poor's also said that it lowered its ratings on the bank's hybrid capital instruments to 'BB', three notches below the counterparty credit rating. The outlook on Glitnir remains negative. "The downgrade reflects the increased short- and medium-term uncertainty about Glitnir's funding and liquidity position," explained Standard&Poor's credit analyst Miguel Pintado. "This follows the announcement this morning by the government of Iceland, the Icelandic Financial Supervisory Authority, and Glitnir itself that the government will be injecting equity equivalent to €600 million into the bank, thereby becoming the largest shareholder,

Brief Excerpt:

RESEARCH Ratings Definitions Glitnir Bank Rating Lowered To '###/A-3' From '###+/A-2'; Outlook Still Negative Publication date: 29-Sep-2008 Primary Credit Analyst: Miguel Pintado, Stockholm (46) 8-440-5904; miguel_pintado@standardandpoors.com...

Report Type:

Ratings Action

Ticker:

GLB@IR

Issuer:

Glitnir Bank

GICS:

Diversified Banks (40101010)

Sector:

Collateralized Debt Obligations, Financial Institutions, Global Issuers, Sovereigns, Structured Finance, Utilities

Country:

Iceland

Region:

Europe, Middle East, Africa

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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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Research Update: Glitnir Bank Rating Lowered To 'BBB/A-3' From 'BBB+/A-2'; Outlook Remains Negative $175.00
On Sept. 29, 2008, Standard&Poor's Ratings Services lowered its counterparty credit rating on Iceland-based Glitnir Bank to 'BBB/A-3' from 'BBB+/A-2'. At the same time, Standard&Poor's lowered its ratings on the bank's hybrid capital instruments ...

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