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S&P Credit Research929 word report
published Nov 24, 2008
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) Nov. 24, 2008--Standard&Poor's Ratings Services today said it had lowered its long-term foreign currency rating on the Republic of Iceland to 'BBB-' from 'BBB' due to the sovereign's mounting public sector debt burden. The Transfer&Convertibility assessment on Iceland was also lowered to 'BBB-' from 'A-' in response to controls on the capital account and some current account transactions, which have been in place since early October. At the same time, Standard&Poor's affirmed its 'BBB+/A-2' local currency ratings, and its 'A-3' short-term foreign currency sovereign credit ratings. The outlook is negative. "The downgrade reflects Iceland's substantially higher debt burden compared with our projections when we last lowered the ratings on Iceland
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| Brief Excerpt: | RESEARCH Ratings Definitions Iceland Foreign Currency Rating Lowered To '###-' On Mounting Debt Burden; Outlook Negative Publication date: 24-Nov-2008 Primary Credit Analyst: Eileen X Zhang, CFA, London (44) 20-7176-7105; eileen_zhang@standardandpoors.c...
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| Report Type: | Ratings Action
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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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On Sept. 29, 2008, Standard&Poor's Ratings Services lowered its long- and short-term foreign currency sovereign credit ratings on the Republic of Iceland to 'A-/A-2' from 'A/A-1', and its local currency sovereign credit ratings to 'A+/A-1' ...
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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 ...
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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, ...
