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S&P Credit Research685 word report
published Oct 09, 2008
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Abstract: 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 banking supervisor. The rating action follows a decision by the Icelandic government via the Icelandic Financial Services Authority (FME) to assume the powers invested in Glitnir's shareholders and board of directors. The FME has accordingly placed Glitnir in receivership, which will afford the bank temporary protection from payment of debts and obligations as they fall due. The action taken by the FME on Glitnir and the other two major Icelandic banks (not rated) is an attempt to ring-fence the safety of domestic
Brief Excerpt: RESEARCH Ratings Definitions Research Update: Glitnir Bank Rating Lowered To 'D' On Receivership Publication date: 09-Oct-2008 Primary Credit Analyst: Miguel Pintado, Stockholm (46) 8-440-5904; miguel_pintado@standardandpoors.com...
Report Type: Research Update
Ticker: GLB@IRIssuer: Glitnir BankGICS: Diversified Banks (40101010)Sector: Collateralized Debt Obligations, Financial Institutions, Global Issuers, Structured FinanceCountry: IcelandRegion: Europe, Middle East, AfricaFree Sample: Click
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S&P Credit ResearchS&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.
