Fitch cuts Kaupthing to D

Fitch Ratings said it downgraded Kaupthing Bank hf.'s long-term issuer default rating to D from CCC and removed it from Rating Watch evolving.

The action follows an announcement that Kaupthing is now subject to similar arrangements as its two Icelandic peers, Glitnir Banki and Landsbanki Islands, with the Icelandic authorities effectively seizing control of the bank.

Fitch said it aligned Kaupthing's ratings with those of Glitnir Banki and Landsbanki Islands.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.