Icelandic Utility Landsvirkjun Downgraded To 'BB' After Similar Action On Iceland Local Currency Rating; Outlook Neg

Standard & Poors, May 2011

Abstract
We have lowered our local currency sovereign credit rating on the Republic of Iceland to 'BBB-' from 'BBB' and affirmed our foreign currency ratings at 'BBB-/A-3'. In line with our criteria for government-related entities, we are lowering our long-term corporate credit rating on Icelandic utility Landsvirkjun to 'BB' from 'BB+'. The negative outlook mirrors that on the sovereign and reflects our opinion that a downgrade of the sovereign would likely result in us downgrading Landsvirkjun. STOCKHOLM (Standard & Poor's) May 18, 2011--Standard & Poor's Ratings Services said today that it lowered its long-term corporate credit rating on Iceland-based electricity generation and transmission company Landsvirkjun to 'BB' from 'BB+'. At the same time, we removed the long-term corporate credit rating from...

Companies mentioned in this report are: Landsvirkjun
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Landsvirkjun

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