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Research Update: Ratings On Iceland's Ibudalanasjodur (Housing Financing Fund) Lowered To 'BB' On Iceland L-C Downgrade: Outlook Negative Product Image

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

Abstract
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: Downgraded
Action: Outlook: Negative

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Ibudalanasjodur (Housing Financing Fund)

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