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S&P Credit Research990 word report
published Oct 07, 2008
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S&P Credit Research
| Abstract: | STOCKHOLM (Standard&Poor's) Oct. 7, 2008--Standard&Poor's Ratings Services said today it has revised its Banking Industry Country Risk Assessment (BICRA) on the Republic of Iceland to Group 8 from Group 5. The revision reflects the high vulnerability of the Icelandic banking model to the tight liquidity conditions in the global debt markets. At the same time, we increased our estimate of the level of cumulative problem loans and foreclosed property (the gross problematic asset range) for the Icelandic banking sector to 35%-50%. This means that in a severe recession scenario, the cumulative amount of nonperforming and restructured loans could reach 35%-50% of total outstanding loans in Iceland. The three large Icelandic banks--Kaupthing Bank (not rated), Landsbanki (not
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| Brief Excerpt: | RESEARCH Ratings Definitions Icelandic BICRA Lowered To Group 8 From Group 5 Owing To Vulnerability Of Banking Model Publication date: 07-Oct-2008 Primary Credit Analyst: Louise Lundberg, Stockholm (46) 8-440-5938; louise_lundberg@standardandpoors.com...
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| Report Type: | News
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| Ticker: | GLB@IR
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| Issuer: | Glitnir Bank
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| GICS: | Diversified Banks (40101010)
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| Sector: | Collateralized Debt Obligations, Financial Institutions, Global Issuers, Structured Finance
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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.
Also from S&P Credit Research
- Ratings On Glitnir Bank Withdrawn $100.00
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On June 5, 2009, Standard&Poor's Ratings Services withdrew its 'D' ratings on Iceland-based Glitnir Bank and all its outstanding debt. On Oct. 9, 2008, we lowered our ratings on Glitnir Bank to 'D' after the bank was placed into receivership ...
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STOCKHOLM (Standard&Poor's) Oct. 9, 2008-- Standard&Poor's Ratings Services said today that it had lowered its long-term and short-term counterparty credit ratings on Iceland-based Glitnir Bank to 'D' from 'CCC' and 'C', respectively, after ...
- Research Update: Glitnir Bank Rating Lowered To 'D' On Receivership $175.00
On Oct. 9, 2008, Standard&Poor's Ratings Services lowered its long-term and short-term counterparty credit ratings on Iceland-based Glitnir Bank to 'D' from 'CCC' and 'C', respectively, after the bank was placed into receivership by the country's ...
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On Oct. 7, 2008, Standard&Poor's Ratings Services lowered its long-term counterparty credit rating on Iceland-based Glitnir Bank to 'CCC' from 'BBB' and placed it on CreditWatch with negative implications. At the same time, it lowered its short-term ...
- Glitnir Bank Downgraded To 'CCC; On Watch Neg On Increased Systemic Concerns $100.00
STOCKHOLM (Standard&Poor's) Oct. 7, 2008--Standard&Poor's Ratings Services said today it lowered its long-term counterparty credit rating on Iceland-based Glitnir Bank to 'CCC' from 'BBB' and placed it on CreditWatch with negative implications. ...
- Glitnir Bank Rating Lowered To 'BBB/A-3' From 'BBB+/A-2'; Outlook Still Negative $100.00
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 ...
- 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 ...
