Research Update: Icelandic Housing Financing Fund Outlook To Negative On Sovereign Outlook Change; Rtgs Afrmd Nov 07

Standard & Poors, November 2007

Abstract
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: Affirmed
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.

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.

Housing Financing Fund Ibudalanasjodur,Iceland (Republic of)

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