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S&P Credit Research951 word report
published Oct 08, 2008
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S&P Credit Research
| Abstract: | 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 counterparty credit rating on the bank to 'C' from 'A-3'. Furthermore, the ratings on the hybrid capital instruments of the bank were lowered to 'CC', two notches below those on the counterparty credit ratings. The rating actions reflect our increased concerns about the implications for Glitnir's asset quality and liquidity position following the passage of a bill yesterday by the Icelandic government enabling the government, in certain conditions, to take over commercial banks. The government stated that given the increasing refinancing
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: S&PCORRECT: Glitnir Bank Downgraded To '###'; On Watch Neg On Increased Systemic Concerns Publication date: 08-Oct-2008 Primary Credit Analyst: Miguel Pintado, Stockholm (46) 8-440-5904;...
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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, 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
- Ratings On Glitnir Bank Withdrawn $100.00
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 ...
- 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 ...
- 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 ...
