S&P rates Islandsbanki notes BB-

S&P said it it assigned its BB- issue rating to the proposed issuance of non-cumulative, subordinated, low-trigger, additional tier 1 perpetual capital notes by Islandsbanki hf. This offering is the bank’s first issuance of AT1 notes.

The agency said the ratings is based on Islandsbanki’s stand-alone credit profile. It then deducted a notch for the subordination, two notches for discretionary coupon payments and regulatory tier 1 capital status and another notch for because the notes contain a contingent capital clause leading to a temporary write-down.

The outlook is stable.

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