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S&P cuts Glitnir Bank to CCC
Standard & Poor's said it lowered the long-term counterparty credit rating on Glitnir Bank to CCC from BBB and placed it on CreditWatch with negative implications and the short-term counterparty credit rating to C from A-3.
The downgrades reflect increased concerns about the implications for Glitnir's asset quality and liquidity position after an Icelandic bill passed on Tuesday allows the government in certain conditions to take over commercial banks, according to the agency.
As the unwinding of the Icelandic banking sector takes place in the coming weeks, the repercussions on the economy and on the banks themselves will be significant, the agency noted.
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