Moody's affirms Landsbanki's ratings

Nordic Business Report,  May 21, 2008  

Tags: Moody's Corp.

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NORDIC BUSINESS REPORT-21 May 2008-Moody's affirms Landsbanki's ratings(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Icelandic bank Landsbanki Islands hf (OMX Iceland:LAIS) said on Wednesday (21 May) that the international ratings agency Moody's Investor Service has affirmed the long-term foreign and local currency deposit ratings of Landsbanki as A2 and its bank financial strength rating (BFSR) at C-.

The bank's Prime-1 short-term rating was also affirmed, the highest rating given. The outlook on all ratings is stable, the bank said.

The affirmation comes on the back of Moody's downgrade of the Icelandic Sovereign to Aa1 from Aaa.

Landsbanki is the oldest and second biggest of the three major commercial banks in Iceland. Landsbanki currently has 40 branches and sub-branches throughout Iceland, plus a wide-ranging network of international correspondent banks. Landsbanki and its subsidiaries have offices operating in 15 different countries.

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