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2010-10-20 17:34:27 CEST 2010-10-20 17:35:25 CEST REGULATED INFORMATION Landsvirkjun - Company AnnouncementStandard & Poor‘s raise Landsvirkjun‘s long-term credit ratingStandard & Poor‘s credit rating agency have raised Landsvirkjun‘s long-term credit rating from BB to BB+. According to S&P the upgrade reflects the improved stand-alone credit profile of Landsvirkjun, which is partly due to a gradual improvement in the stability and predictability of the company‘s earnings, and partly because of Landsvirkjun‘s focus on decreasing risk in its operations. In Standard & Poor‘s view Landsvirkjun‘s financial risk profile is likely to improve in the near furture, based on the company‘s operational results for the first six months of 2010. Liquidity has improved and is no longer weighing on the rating. Furthermore Landsvirkjun‘s reduced exposure to volatile aluminium prices taking place through recent renegotiation with one of the company‘s buyers, „should result in less volatile swings in the company‘s earnings and cash flows“ says in S&P‘s press release. Finally Landsvirkjun‘s increased focus on improving profitability is seen as positive by S&P. Landsvirkjun‘s negative outlook reflects that on the Republic of Iceland. More information: Ragna Sara Jónsdóttir yfirmaður samskiptasviðs Landsvirkjunar sara@lv.is +(354) 515 9000 / +(354) 849 2122 |
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