Standard & Poor’s credit rating agency has upgraded Landsvirkjun's rating to BBB- from BB+. The rating applies both to long-term commitments with and without a state guarantee. The rating action follows Standard & Poor’s upgrade for the Republic of Iceland from January 15, 2016 to BBB+ from BBB. Outlook is stable.
Hordur Arnarson, CEO: “This is very good news for Landsvirkjun and confirms positive development in operations based on improved financials and reduced leverage. To achieve investment grade without a state guarantee increases trust amongst lenders and supports Landsvirkjun’s operations e.g. with improved access to capital and lower financing cost. We will continue to focus on reducing leverage and further improving the operation of the company”.