- Language: English
- 96 Pages
- Published: March 2012
- Region: United Kingdom
Research Update: Ratings On Iceland's Ibudalanasjodur (Housing Financing Fund) Lowered To 'BB' On Iceland L-C Downgrade: Outlook Negative
- Published: May 2011
- Standard & Poors
On May 17, 2011, Standard & Poor's lowered Iceland's long-term local currency ratings to 'BBB-' from 'BBB' because of Iceland's high external and fiscal debt burdens. Iceland's foreign currency ratings are affirmed at 'BBB-/A-3'. We view the likelihood of extraordinary government support for Iceland's Housing Finance Fund (HFF) as "extremely high". We believe HFF has an integral link with, and plays a very important role in, the government. We are therefore lowering HFF's long-term issuer credit ratings to 'BB' and removing them from CreditWatch Negative. At the same time, we are affirming the 'B' short-term ratings on HFF. Its stand-alone credit profile (SACP) is 'b-'. The outlook is negative, which means we may revise the SACP downward if we consider...
Companies mentioned in this report are: Ibudalanasjodur (Housing Financing Fund)
Action: Outlook: Negative
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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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Ibudalanasjodur (Housing Financing Fund)
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