| Abstract: | 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 to 'BB', three notches below the counterparty credit rating. The outlook remains negative. The downgrade reflects the increased short- and medium-term uncertainty about Glitnir's funding and liquidity position following 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, with 75% of the shares. Given the bank's new shareholder structure and the supportive nature of
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Glitnir Bank Rating Lowered To '###/A-3' From '###+/A-2'; Outlook Remains Negative Publication date: 29-Sep-2008 Primary Credit Analyst: Miguel Pintado, Stockholm (46) 8-440-5904; miguel_pintado@standardandp...
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| Report Type: | Research Update
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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, Sovereigns, Structured Finance, Utilities
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| Country: | Iceland
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| Region: | Europe, Middle East, Africa
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