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

Brief Excerpt: 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
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.