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S&P Credit Research807 word report
published Dec 18, 2008
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) Dec. 18, 2008--Standard&Poor's Ratings Services said today that it lowered its long-term and short-term local currency ratings on Iceland-based electricity generation and transmission company Landsvirkjun to 'BBB-' and 'A-3', respectively, from 'BBB+' and 'A-2'. At the same time, Standard&Poor's affirmed its long-term 'BBB-' and short-term 'A-3' foreign currency ratings on Landsvirkjun. The outlook remains negative. The rating actions reflect our view that Landsvirkjun's owner, the Republic of Iceland (foreign currency: BBB-/Negative/A-3; local currency: BBB+/Negative/A-2), has less ability than previously assumed to provide timely financial support to Landsvirkjun. The state owns 100% of Landsvirkjun. Together with the company's previous owners--the City of Reykjavik and the town of Akureyri--the state provides guarantees for the
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| Brief Excerpt: | RESEARCH Ratings Definitions Landsvirkjun Local Currency Rating Cut To '###-' On Weaker Sovereign; Outlook Negative Publication date: 18-Dec-2008 Primary Credit Analyst: Karin Erlander, London (44) 20-7176-3584; karin_erlander@standardandpoors.com...
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| Report Type: | Ratings Action
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| Ticker: | 1000Z@IR
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| Issuer: | Landsvirkjun
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| GICS: | Electric Utilities (55101010)
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| Sector: | Electric, Global Issuers, 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.
Also from S&P Credit Research
- Landsvirkjun $400.00
A "very high" likelihood of timely and sufficient extraordinary support from Landsvirkjun's owners, the Republic of Iceland, in case of financial distress. Dominant position in the Icelandic electricity market as the largest generator and the ...
- Summary: Landsvirkjun $175.00
The 'BB' ratings on Iceland-based 100% state-owned utility Landsvirkjun reflect Standard&Poor's Ratings Services' opinion that there is a "very high" likelihood that the Republic of Iceland (foreign currency BBB-/Negative/A-3; local currency ...
- Summary: Landsvirkjun $175.00
The 'BB' ratings on Iceland-based 100% state-owned utility Landsvirkjun reflect Standard&Poor's Ratings Services' opinion that there is a "very high" likelihood that the Republic of Iceland (foreign currency BBB-/Negative/A-3; local currency ...
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On May 8, 2009, Standard&Poor's Ratings Services placed its 'BBB-' long-term and 'A-3' short-term foreign and local currency corporate credit ratings on Iceland-based utility Landsvirkjun on CreditWatch with negative implications. The CreditWatch ...
- Research Update: Landsvirkjun Local Currency Rating Cut To 'BBB-' On Weaker Sovereign; Outlook Negative $175.00
On Dec. 18, 2008, Standard&Poor's Ratings Services lowered its long-term and short-term local currency ratings on Iceland-based electricity generation and transmission company Landsvirkjun to 'BBB-' and 'A-3', respectively, from 'BBB+' and ...
- Landsvirkjun Foreign Currency Rating Cut To 'BBB-' On Iceland Downgrade; Outlook Negative $100.00
LONDON (Standard&Poor's) Nov. 24, 2008--Standard&Poor's Ratings Services said today that it lowered its long-term foreign currency rating on Iceland-based electricity generation and transmission company Landsvirkjun to 'BBB-' from 'BBB'. At ...
