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S&P Global Ratings announced today their assessment on the Icelandic resolution framework. Reference is made to the Central Bank's publication of a policy on minimum required own funds and eligible liabilities (MREL) and determination of MREL requirement. According to S&P's assessment the resolution regime is sufficiently effective.
In the announcement S&P states that Landsbankinn's credit rating is unaffected at BBB/A-2 with stable outlook. As the bank now operates under an effective resolution regime, the bank is eligible for a rating uplift in accordance with S&P's methodology on additional loss-absorbing capacity (ALAC).
Furthermore, Landsbankinn has been assigned a long and short-term resolution counterparty ratings (RCR) of BBB+/A-2 by S&P which applies to liabilities that are protected from default in an effective resolution process.
Further information can be found in S&P's announcement, available on the bank's website, Credit rating - Landsbankinn - Landsbankinn.is .
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