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Icelanders' Referendum Rejection Of Plan To Repay Icesave Debt Has No Immediate Impact On Iceland Sovereign Rating Mar 10 Product Image

Icelanders' Referendum Rejection Of Plan To Repay Icesave Debt Has No Immediate Impact On Iceland Sovereign Rating Mar 10

  • ID: 2127627
  • March 2010
  • Region: Iceland
  • Standard & Poors

Abstract
The Icelandic electorate's resounding rejection at a referendum of legislation to compensate the governments of The Netherlands and the United Kingdom for their deposit insurance outlays on failed Icelandic internet bank Icesave has no immediate effect on the sovereign ratings. We are keeping our 'BBB-/A-3' foreign currency ratings and our 'BBB+/A-2' local currency ratings on Iceland on CreditWatch with negative implications. We expect to resolve the CreditWatch status when we obtain greater clarity on the availability of external financing. FRANKFURT (Standard & Poor's) March 8, 2010--Standard & Poor's Ratings Services said today that it was keeping its 'BBB-/A-3' long- and short-term foreign currency ratings and its 'BBB+/A-2' long- and short-term local currency ratings on the Republic of Iceland on CreditWatch,...

Companies mentioned in this report are:
- Iceland (Republic of)

Action: CreditWatch Update

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.

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