S&P Global Ratings (S&P) has assigned a long-term credit rating of A with a stable outlook to Íslandsbanki’s covered bond program and related Icelandic krona (ISK) denominated covered bond issuances.
The legal and regulatory framework for Icelandic covered bonds stipulates that assets in the cover pool are isolated from the issuer’s risk of insolvency. The asset isolation allows S&P to rate the covered bond program at a higher rating level than the long-term issuer credit rating on Íslandsbanki, which is currently BBB. The rating also considers the strong legal framework that covered bonds issued in Iceland benefit from and the issuer’s mortgage operations, which are viewed by S&P as prudent.
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With a history that dates from 1875, Íslandsbanki is an Icelandic universal bank with a strong customer focus. The Bank believes in moving Iceland forward by empowering its customers to succeed - reflecting a commitment to run a solid business that is a force for good in society. Driven by the ambition to be #1 for service, Íslandsbanki’s banking model is led by three business divisions that build and manage relationships with its customers. Íslandsbanki maintains a strong market share with the most efficient branch network in the country, supporting at the same time its customers’ move to more digital services. The Bank operates in a highly attractive market and, with its technically strong foundations and robust balance sheet, is well positioned for the opportunities that lie ahead. Íslandsbanki has a BBB/A-2 rating from S&P Global Ratings. The Bank’s shares are listed on Nasdaq Iceland Main Market.
This press release may contain “forward-looking statements,” involving uncertainty and risks that could cause actual results to differ materially from results expressed or implied by the statements. Íslandsbanki hf. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. It is the investor's responsibility to not place undue reliance on these forward-looking statements which only reflect the date of this press release. Forward-looking statements should not be considered as guarantees or predictions of future events and all forward-looking statements are qualified in their entirety by this cautionary statement.