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Moody‘s upgrades credit ratings for Landsvirkjun

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.

Landsvirkjun is owned by the Icelandic state. The company generates about 70% of all electricity used in Iceland from 100% renewable energy sources, hydro, geothermal and wind. The company operates eighteen power stations; fifteen hydropower stations and three geothermal power stations, as well as two wind turbines.

Reykjavik, November 12, 2019
For further information please contact Rafnar Lárusson, CFO.
Phone no. +354 515 9000, email: rafnar@landsvirkjun.is