Funding

Emphasis on secure access to liquidity and diverse sources of funding

In order to secure liquidity, in addition to cash and cash equivalents, Landsvirkjun has access to a revolving credit facility provided by relationship banks. The Company has accessed capital markets with issuance of bonds in the domestic and international markets, with borrowing from the European Investment Bank (EIB) and the Nordic Investment Bank (NIB) and through project financing in Europe and Japan.

Landsvirkjun's bonds in ISK are listed on the Nasdaq OMX Iceland Exchange, but the company has also issued green bonds in the USPP market and through an EMTN bond programme approved by the Luxembourg Financial Supervisory Authority. Landsvirkjun's bonds which are listed and issued under the EMTN programme are listed on the Luxembourg Stock Exchange.

Credit Ratings

Credit Ratings

    

 
Long term
 
Short term
 
Outlook
 
Last updated
Report

Moody's

Baa1
(P)P-2
Stable
12/11/2019

S&P Global Ratings

BBB
A-2
Positive
21/03/2019
*Landsvirkjun is also rated with a guarantee of collection from the Icelandic State but the company no longer issues guaranteed debt. Further information on Landsvirkjun’s credit rating with a guarantee of collection is provided in the credit rating agencies reports .

Ratings History

Moody's

 Date Long term Short term Outlook Report
12/11/2019 Baa1 (P)P-2 Stable Link
23/03/2018 Baa2 (P)P-3 Stable Link
05/09/2016 Baa3 (P)P-3 Stable Link
01/07/2015 Ba1 (P)NP Stable Link
26/07/2013 Ba2 (P)NP Stable Link

S&P Global Ratings

 Date Long term Short term Outlook Report
21/03/2019 BBB A-2 Positive Link
18/01/2017 BBB A2 Stable Link
19/01/2016 BBB- A-3 Stable Link
23/07/2015 BB+ B Stable Link
28/02/2012 BB B Stable Link
18/05/2011 BB B-1 Negative Link
20/10/2010 BB+ B-1 Negative Link
30/06/2009 BB B-1 Stable Link
24/11/2008 BBB- A-3 Negative Link
07/10/2008 BBB A-3 Negative Link
30/09/2008 A- A-2 Negative Link
18/04/2008 A A-1 Negative Link
22/12/2006 A+ A-1 Negative Link
10/02/2005 AA- A-1+ Stable Link
08/10/1997 A+ A-1+ Stable Link