Reykjavík, 2017-05-08 12:47 CEST (GLOBE NEWSWIRE) -- The Icelandic rating company Reitun has upgraded the outlook in Orkuveita Reykjavíkur‘s (OR; Reykjavík Energy) credit rating to positive, maintaining a rating of i.AA3. The attached rating release (only available in Icelandic) states:
“The Plan, a series of measures undertaken to tackle OR‘s financial problems in years 2011-2016, has been concluded with results surpassing goals. The management has in recent years been very successful in improving the Company‘s financial strength. Leverage has been decreased as well as market risks, externalities are more favourable and key financial indicators have improved considerably.”
Furthermore, the release states that in order to further improve credit rating, the Company has to stay on track; deleveraging, minimizing market risks and improving its cash position. OR has to abide to the dividend conditions the Company has adopted and maintain its access to financial markets.
Contact:
Ingvar Stefánsson
CFO
+ 354 516 6100
