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S&P Credit Research487 word report
published Jun 05, 2009
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S&P Credit Research
| Abstract: | STOCKHOLM (Standard&Poor's) June 5, 2009--Standard&Poor's Ratings Services said today that it had withdrawn its 'D' ratings on Iceland-based Glitnir Bank and all its outstanding debt.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 by the country's banking supervisor. The Icelandic Ministry of Finance then established a new bank, wholly owned by the Treasury, that included Glitnir's Bank's domestic operations funded by local deposits and has been renamed Islandsbanki. We understand that pursuant to a court imposed moratorium, Glitnir Bank continues to be generally prohibited from disposing of its remaining domestic assets. We also understand that its foreign subsidiaries, which are not subject to the
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| Brief Excerpt: | RESEARCH Ratings Definitions Ratings On Glitnir Bank Withdrawn Publication date: 05-Jun-2009 Primary Credit Analyst: Miguel Pintado, Stockholm (46) 8-440-5904; miguel_pintado@standardandpoors.com Secondary Credit Analyst: Louise Lundberg,...
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| Report Type: | Ratings Action
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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: | 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
- Research Update: Ratings On Glitnir Bank Withdrawn $175.00
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 ...
- Glitnir Bank Rating Lowered To 'D' On Receivership $100.00
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 ...
- Research Update: S&PCORRECT: Glitnir Bank Downgraded To 'CCC'; On Watch Neg On Increased Systemic Concerns $175.00
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. ...
- Icelandic BICRA Lowered To Group 8 From Group 5 Owing To Vulnerability Of Banking Model $100.00
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 ...
- 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 ...
