Moody’s Investors Service (“Moody’s”) has today upgraded the credit ratings for Landsvirkjun. The credit rating for debt without the state guarantee of collection is upgraded to Baa1 from Baa2 and the credit rating for debt supported by the state guarantee of collection is upgraded to A3 from Baa1. Outlook is stable.
According to Moody’s, the upgrade to Landsvirkjun’s unguaranteed credit rating reflects the continued improvement in the company’s credit profile, including ongoing reduction in debt and decreased exposure to market risk. This is represented by an upgrade in Landsvirkjun’s baseline credit assessment which measures the company’s financial strength excluding support from the owner.