On April 1, 2008, Standard&Poor's Ratings Services placed its 'A+' long-term foreign currency and 'AA' long-term local currency sovereign credit ratings on the Republic of Iceland on CreditWatch with negative implications. At the same time, the 'A-1' short-term foreign currency and 'A-1+' short-term local currency ratings on Iceland, along with the 'AA+' transfer and convertibility assessment on the sovereign, were affirmed. In addition, Standard&Poor's placed its 'A+' long-term foreign currency and 'AA-' long-term local currency issuer credit ratings on Ibudalanasjodur (Housing Financing Fund), the state-owned enterprise for housing finance, and state-owned and guaranteed power company Landsvirkjun on CreditWatch with negative implications. The 'A-1' short-term foreign currency and 'A-1+' short-term local currency ratings on Ibudalanasjodur and Landsvirkjun
