Research Update: Landsvirkjun Local Currency Rating Cut To 'BBB-' On Weaker Sovereign; Outlook Negative - 2008/12/18 - S&P Credit Research

Report title: Research Update: Landsvirkjun Local Currency Rating Cut To 'BBB-' On Weaker Sovereign; Outlook Negative

from S&P Credit Research
891 word report published Dec 18, 2008

Price $175.00 available for immediate download

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Abstract:

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 '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 collection of debt. The guarantees are

Brief Excerpt:

RESEARCH Ratings Definitions Research Update: 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@standarda...

Report Type:

Research Update

Ticker:

1000Z@IR

Issuer:

Landsvirkjun

GICS:

Electric Utilities (55101010)

Sector:

Electric, Global Issuers, Sovereigns, Utilities

Country:

Iceland

Region:

Europe, Middle East, Africa

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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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