Islandsbanki hf's Icelandic Mortgage Covered Bond Program And Related Issuances Assigned 'A' Ratings; Outlook Stable

We assigned our 'A' ratings to the mortgage covered bond program and related issuances of Iceland-based Islandsbanki hf. Currently all of the program's outstanding covered bonds are denominated in Icelandic krona (ISK). Our rating on Islandsbanki's covered bond program reflects our analysis of the jurisdictional support while it does not incorporate any collateral-based uplift. The outlook on the program is stable, reflecting the one unused notch of jurisdictional support available should the issuer be downgraded. FRANKFURT (S&P Global Ratings) June 1, 2022--S&P Global Ratings today assigned its 'A' long-term credit ratings to Islandsbanki hf.'s covered bond program and its outstanding public issuances. Currently all of the program's outstanding covered bonds are ISK-denominated. Although all outstanding covered bonds currently are ISK-denominated,

...- We assigned our 'A' ratings to the mortgage covered bond program and related issuances of Iceland-based Islandsbanki hf. Currently all of the program's outstanding covered bonds are denominated in Icelandic krona (ISK). - Our rating on Islandsbanki's covered bond program reflects our analysis of the jurisdictional support while it does not incorporate any collateral-based uplift. - The outlook on the program is stable, reflecting the one unused notch of jurisdictional support available should the issuer be downgraded. FRANKFURT (S&P Global Ratings) June 1, 2022--S&P Global Ratings today assigned its 'A' long-term credit ratings to Islandsbanki hf.'s covered bond program and its outstanding public issuances. Currently all of the program's outstanding covered bonds are ISK-denominated. Although all outstanding covered bonds currently are ISK-denominated, we consider the intention of the new euro-program to be the issuance of euro-denominated covered bonds. Our ratings are forward-looking...

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