On April 9, 2011, the Icelandic electorate rejected, in a referendum, the so-called Icesave agreement. We see potentially higher economic risks to Iceland associated with a prolonged period of uncertainty. We are placing the 'BBB-/A-3' foreign currency and 'BBB/A-3' local currency sovereign credit ratings on Iceland on CreditWatch with negative implications. The CreditWatch will remain while we analyze the consequences of the vote on the economic, financial, and political outlook for Iceland. On April 13, 2011, Standard&Poor's Ratings Services placed the 'BBB-/A-3' foreign currency and 'BBB/A-3' local currency sovereign credit ratings on Iceland on CreditWatch with negative implications. The CreditWatch will remain while we analyze the consequences of the rejection of the Icesave agreement on Iceland's economic, financial,
