We have assigned our preliminary 'A-' ratings to the mortgage covered bond program and related issuances of Iceland-based Arion Bank hf. Our preliminary ratings reflect our analysis of the jurisdictional support and do not incorporate any collateral-based uplift. The outlook on the program is stable, reflecting the outlook on the issuer. LONDON (S&P Global Ratings) Sept. 20, 2021--S&P Global Ratings has assigned its preliminary 'A-' long-term credit rating to Arion Bank hf.'s covered bond program, its inaugural euro-denominated issuance, and all outstanding Icelandic krona (ISK)-denominated issuances. Our covered bond ratings process follows the methodology and assumptions outlined in our "Covered Bonds Criteria," published on Dec. 9, 2014, and "Covered Bond Ratings Framework: Methodology And Assumptions," published on June 30, 2015.
