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Republic of Iceland's Debut ?1 Bil. Benchmark Bond Due 2011 Assigned 'AA-' Rating Nov 06
Standard & Poors, November 2006
LONDON (Standard & Poor's) Nov. 21, 2006--Standard & Poor's Ratings Services assigned its 'AA-' senior unsecured debt rating to the Republic of Iceland's debut (foreign currency AA-/Negative/A-1+, local currency AA+/Negative/A-1+) -1 billion bond maturing in 2011. The issue represents the first euro benchmark bond issued by the Republic. The entire amount of the planned borrowed funds will be allocated toward strengthening the Central Bank of Iceland's foreign reserves. "The ratings on Iceland are supported by its stable and flexible political institutions, high level of prosperity, and strong long-term economic growth prospects," said Standard & Poor's credit analyst Eileen Zhang. "In the near term, however, the Icelandic economy faces stagnation in 2007 and the potential risk of a hard landing, as...
Companies mentioned in this report are: Iceland (Republic of)
Action: New Rating
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
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Iceland (Republic of)