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S&P Credit Research800 word report
published May 08, 2008
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S&P Credit Research
| Abstract: | 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, particularly from overseas, and higher funding costs are hurting their profitability and growth. Due in part to banks' financing of their own rapid expansion abroad as well as that of several local entrepreneurs, net external debt of the financial system has risen to 362% of current account receipts (CARs) in 2007, from 161% in 2003, and domestic credit to GDP has risen to over 384% from 130% during the same period. These are among the highest ratios for rated sovereigns. The banks' higher funding costs,
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Iceland (Republic of) Publication date: 08-May-2008 Primary Credit Analyst: Eileen X Zhang, CFA, London (44) 20-7176-7105; eileen_zhang@standardandpoors.com Secondary Credit Analysts: Kai Stukenbrock,...
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| Report Type: | Summary
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| Ticker: | 1171Z@IR
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| Issuer: | Iceland (Republic of)
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| Sector: | Global Issuers, Sovereigns, Utilities
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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
- Iceland Foreign Currency Rating Lowered To 'BBB-' On Mounting Debt Burden; Outlook Negative $100.00
LONDON (Standard&Poor's) Nov. 24, 2008--Standard&Poor's Ratings Services today said it had lowered its long-term foreign currency rating on the Republic of Iceland to 'BBB-' from 'BBB' due to the sovereign's mounting public sector debt burden. ...
- Research Update: Iceland Foreign Currency Rating Lowered To 'BBB-' On Mounting Debt Burden; Outlook Negative $175.00
On Nov. 24, 2008, Standard&Poor's Ratings Services lowered its long-term foreign currency rating on Republic of Iceland to 'BBB-' from 'BBB' due to the sovereign's mounting public sector debt burden. The Transfer&Convertibility assessment on ...
- Bulletin: Iceland Ratings Would Not Default If Depositor Guarantee Fund Obligations Not Honored $100.00
LONDON (Standard&Poor's) Oct. 8, 2008--Standard&Poor's Ratings Services said today that it would not consider it a default of the Republic of Iceland (foreign currency BBB/Negative/A-3; local currency BBB+/Negative/A-2) if the Depositors' and ...
- Republic of Iceland Ratings Lowered And Taken Off CreditWatch Negative $100.00
LONDON (Standard&Poor's) Oct. 6, 2008--Standard&Poor's Ratings Services said today that it 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 ...
- Research Update: Republic of Iceland Ratings Lowered And Removed From CreditWatch Negative $175.00
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 ...
- Republic of Iceland Cut To FC 'A-/A-2', LC 'A+/A-1' On Support For Glitnir Bank; On Watch Neg $100.00
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' ...
- Bulletin: Strengthened Foreign Exchange Access By Republic of Iceland Has No Immediate Effect On Ratings $100.00
LONDON (Standard&Poor's) May 16, 2008--Standard&Poor's Ratings Services said today that the strengthening of access to foreign exchange by the Republic of Iceland (foreign currency A/Negative/A-1, local currency AA-/Negative/A-1+) would have ...
