Credit Ratings
Glitnir Bank hf. (formerly Íslandsbanki hf.) is rated by three independent, international rating agencies:
Standard and Poor's
Glitnir is the first Icelandic bank to receive a credit rating from Standard & Poor’s.
| Standard & Poors | Long- Term Debt | Short- Term Debt | Outlook |
|---|---|---|---|
| April 2008 | BBB+ | A-2 | Negative |
| March 2008 | A- (Watch negative*) | A-2 | Watch negative* |
| Nov 2007 | A- | A-2 | Stable |
| Apr 2007 | A- | A-2 | Stable |
| Feb 2007 | A- | A-2 | Stable |
| Dec 2006 | A- | A-2 | Stable |
| June 2006 | A- | A-2 | Stable |
| April 2006 | A- | A-2 | Stable |
| March 2006 | A- | A-2 | Stable |
* credit ratings placed on CreditWatch with negative implication.
Moody's Investors Service
Moody's has rated Glitnir's liabilities since 1999.
| Moody's | Long- Term Debt | Short- Term Debt | Financial Strength | Outlook |
|---|---|---|---|---|
| March 2008 | A2 | P-1 | C- (stable outlook) | Stable |
| Feb 2008 | A2 | P-1 | C- (stable outlook) | Stable |
| Jan 2008 | Aa3* | P-1 | C (Under review)* | Under review* |
| Sep 2007 | Aa3 | P-1 | C (stable outlook) | Stable |
| May 2007 | Aa3 | P-1 | C (stable outlook) | Stable |
| Apr 2007 | Aa3 | P-1 | C (stable outlook) | Stable |
| Feb 2007 | Aaa | P-1 | C (stable outlook) | Stable |
| Dec 2006 | A1 | P-1 | C (negative outlook) | Stable |
| Oct 2006 | A1 | P-1 | C+ (negative outlook) | Stable |
| Apr 2006 | A1 | P-1 | C+ (negative outlook) | Stable |
| Jul 2005 | A1 | P-1 | C+ (stable outlook) | Stable |
| May 2005 | A1 | P-1 | C+ (stable outlook) | Stable |
| Jul 2004 | A1 | P-1 | C (stable outlook) | Stable |
| May 2003 | A1 | P-1 | B- | |
| May 2002 | A2 | P-1 | C+ | |
| May 2000 | A2 | P-1 | C | |
| Jan 1999 | A3 | P-2 | D |
* Placed under review for possible downgrade on January 30, 2008
Fitch
Fitch has rated Glitnir's liabilities since 2001.
| Fitch | Long- Term Debt | Short- Term Debt | Individual | Support | Outlook |
|---|---|---|---|---|---|
| May 2008 | A- | F2 | B/C | 2 | Negative |
| April 2008 | A (Rating watch negative) |
F1 (Rating watch negative) |
B/C (Rating watch negative) |
2 | Rating watch negative |
| Oct 2007 | A | F1 | B/C | 2 | Stable |
| Aug 2007 | A | F1 | B/C | 2 | Stable |
| Feb 2007 | A | F1 | B/C | 2 | Stable |
| Aug 2006 | A | F1 | B/C | 2 | Stable |
| Feb 2006 | A | F1 | B/C | 2 | Stable |
| Aug 2004 | A | F1 | B/C | 2 | Stable |
| Jul 2003 | A | F1 | C | 2 | Stable |
| Jul 2002 | A | F1 | C | 2 | Stable |
| Feb 2001 | A | F1 | C | 2 | Stable |
| Affirmed | Foreign Currency | Domestic Currency | ||||
|---|---|---|---|---|---|---|
| Long term | Short term | Long term | Short term | Outlook | ||
| Moody's | May 2008 | Aa1 | P-1 | Aaa | P-1 | Stable |
| Standard & Poor's | April 2008 | A | A-1 | AA- | A-1+ | Negative |
| Fitch | April 2008 | A+ | F1 | AA+ | Negative | |
| R&I | June 2007 | AA+ | Stable |
