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S&P upgrades Housing Financing Fund
S&P said it raised the long-term foreign- and local-currency issuer credit ratings on Housing Financing Fund to BB from BB-.
The agency also said it affirmed the companyfs B short-term ratings.
The outlook is stable.
The upgrade primarily reflects the upward revision of forecasts for the companyfs earnings and capitalization, largely stemming from the improving economic conditions in Iceland, S&P said.
The upgrade also considers the several steps the company has taken to reduce its prepayment problem, the agency added. This underpins stronger earnings for the future, S&P said.
For this reason, the agency also revised the companyfs stand-alone credit profile to B from B].
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