On April 17, 2008, Standard&Poor's Ratings Services lowered the long-term foreign currency rating on the Republic of Iceland to 'A' from 'A+' and its long-term local currency rating to 'AA-' from 'AA'. The 'A-1' short-term foreign currency and 'A-1+' short-term local currency ratings were both affirmed. In conjunction with this action, Standard&Poor's also lowered the long-term foreign currency rating on Ibudalanasjodur (HFF), the government-owned enterprise for housing finance, to 'A' from 'A+', and its local currency ratings to 'A+/A-1' from 'AA-/A-1+'. HFF's short-term foreign currency rating of 'A-1' was affirmed. The T&C assessment on Iceland has also been downgraded to 'AA' from 'AA+'. The long-term ratings on both Iceland and HFF were removed from CreditWatch negative,
