Moody's Upgrades Landsbanki to Aaa and Changes BFSR Outlook to Stable
Today, 24 February 2007, Landsbanki received an upgrade to Aaa from A2, the highest possible rating for long-term commitments. Concurrently, the bank's outlook on financial strength was changed to stable from negative. Its short-term rating of P-1 is unchanged.
Moody's rating of Landsbanki is now Aaa/P-1/C compared to the previous rating of A2/P-1/C. The rating upgrade results from Moody's updated bank financial strength rating (BFSR) methodology and new Joint Default Analysis (JDA) methodology, taking into account likelihood of government support and Landsbanki's systemic importance in Iceland.
Attached is the press release published by Moody's today stating the ratings results for banks in Iceland.
For further information:
" Sigurjón Th. Árnason, CEO, Tel. +354 898 0177, Halldór J. Kristjánsson, CEO, Tel. +354 820 6399, and Brynjólfur Helgason, MD of International Banking Tel. +354 820-6340.
" Landsbanki Investor Relations - Tinna Molphy, ir@landsbanki.is and tel: +354 410 7200 / mob: +354 861 1440.
" Media Relations - Andrew Walton, Financial Dynamics, tel: +44 20 7269 7204 / mob: +44 7711 264 157.
