Research Update: Republic of Iceland Ratings Lowered And Removed From CreditWatch Negative - 2008/10/06 - S&P Credit Research

Report title: Research Update: Republic of Iceland Ratings Lowered And Removed From CreditWatch Negative

from S&P Credit Research
977 word report published Oct 06, 2008

Price $175.00 available for immediate download

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Abstract:

On Oct. 6, 2008, Standard&Poor's Ratings Services lowered its foreign currency sovereign credit rating on the Republic of Iceland to 'BBB/A-3' from 'A-/A-2' and its local currency sovereign credit rating to 'BBB+/A-2' from 'A+/A-1'. At the same time, Standard&Poor's removed the long-term ratings from CreditWatch, where they were placed on Sept. 29, 2008, with negative implications. In addition, Standard&Poor's lowered its transfer and convertibility assessment on Iceland to 'A-' from 'AA-'. In conjunction with these rating actions, Standard&Poor's also lowered its foreign currency ratings on Ibudalanasjodur (Housing Financing Fund; HFF), the government-owned enterprise for housing finance, to 'BBB/A-3' from 'A-/A-2' and its local currency rating to 'BBB/A-3' from 'A+/A-1'. In addition, Standard

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RESEARCH Ratings Definitions Research Update: Republic of Iceland Ratings Lowered And Removed From CreditWatch Negative Publication date: 06-Oct-2008 Primary Credit Analyst: Eileen X Zhang, CFA, London (44) 20-7176-7105; eileen_zhang@standardandpoors.co...

Report Type:

Research Update

Ticker:

1171Z@IR

Issuer:

Iceland (Republic of)

Sector:

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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LONDON (Standard&Poor's) Sept. 29, 2008--Standard&Poor's Ratings Services said today that it lowered its long- and short-term foreign currency sovereign credit ratings on the Republic of Iceland to 'A-/A-2' from 'A/A-1', and its local currency ...
Research Update: Republic of Iceland Cut To FC 'A-/A-2', LC 'A+/A-1' On Support For Glitnir Bank; On Watch Neg $175.00
On Sept. 29, 2008, Standard&Poor's Ratings Services lowered its long- and short-term foreign currency sovereign credit ratings on the Republic of Iceland to 'A-/A-2' from 'A/A-1', and its local currency sovereign credit ratings to 'A+/A-1' ...
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Summary: Iceland (Republic of) $175.00
The ratings on the Republic of Iceland reflect the mounting economic policy challenges facing the sovereign, largely related to pressure on Iceland's external funding for the nation's commercial banks. Iceland's banks rely on wholesale funding, ...

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