On Nov. 20, 2007, Standard & Poor's Ratings Services revised its outlook on the sovereign credit ratings on Ibudalanasjodur, the Icelandic Housing Financing Fund (HFF), to negative from stable. At the same time, the 'A+/A-1' foreign currency and 'AA-/A-1+' local currency ratings were affirmed. The outlook revision reflects the corresponding change in outlook in the ratings on the Republic of Iceland (foreign currency A+/Negative/A-1; local currency AA/Negative/A-1+), which reflects the increased risk of a hard landing for the Icelandic economy. The ratings on HFF continue to benefit from the support of the government, as indicated by the sovereign's ultimate (but not timely) guarantee. HFF is 100% state owned. The state maintains close supervision over the fund and includes its surplus...
Companies mentioned in this report are:
- Housing Financing Fund Ibudalanasjodur
- Iceland (Republic of)
Action: Outlook: Negative
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Product Type: Research Update
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