S&P lowers Glitnir Bank

Standard & Poor's said it lowered its long-term counterparty credit rating on Glitnir Bank to CCC from BBB and placed it on Creditwatch with negative implications.

At the same time, the agency said it lowered its short-term counterparty credit rating on the bank to C from A-3.

Furthermore, the ratings on the hybrid capital instruments of the bank were lowered to CC, two notches below those on the counterparty credit ratings, S&P said, noting that the rating actions reflect its increased concerns about the implications for Glitnir's asset quality and liquidity position following the passage of a bill yesterday by the Icelandic government enabling the government, in certain conditions, to take over commercial banks.

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