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S&P Global Ratings revises Landsvirkjun’s rating outlook from stable to positive on improved financial position

S&P Global Ratings has revised its outlook on Landsvirkjun to positive from stable and affirmed 'BBB/A-2' long- and short-term corporate credit ratings with and without the state guarantee.

According to S&P Global Ratings, the revised outlook is based on the positive trend in the operations of Landsvirkjun, including increased financial strength and decreased market risk. The positive outlook reflects the possibility of an upgrade within the next two years if Landsvirkjun sustains its improved financial position.

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, Iceland, 21 March 2019

For further information please contact Rafnar Larusson, CFO at +354 515 9000 or by email: rafnar.larusson@landsvirkjun.is