BBB+ Credit Rating affirmed
S&P Global credit rating agency has changed Landsvirkjun‘s outlook from stable to positive and affirmed Landsvirkjun‘s credit rating of BBB+.
According to S&P the change of outlook to positive acknowledges the progress Landsvirkjun has made in strengthening its financial profile and deleveraging. Other positive factors that influence S&P’s rating opinion are vastly improved operating performance, strong cash generation and access to low-cost renewable generation asset base. Additional influential factor for S&P’s is its recent revision of outlook for Iceland from stable to positive.
Furthermore, the positive outlook indicates that S&P could upgrade Landsvirkjun if S&P were to take a similar action on Iceland and if Landsvirkjun continued to show strong cash flow and leverage KPIs.