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2014-02-10 13:59:05 CET 2014-02-10 14:00:06 CET REGULATED INFORMATION Arion Bank hf. - Company AnnouncementReitun updates its credit rating of Arion BankReitun has assigned to Arion Bank a credit rating of i.BBB1 with a positive outlook. It rates the Bank's covered bonds at i.AA2. This is the same rating as in July 2013 but Reitun's rating system has changed since then. Reitun will update its ratings of the Bank and covered bonds following the publication of the Bank's 2013 annual financial statement. Reitun states in its report that the Bank has made good progress in resolving problems linked to the banking crisis. The quality of the loan portfolio has improved and the Bank has become financially more robust. Results from core activities are good and the Bank enjoys a strong competitive position. The completion of several major financial restructuring projects for its clients will improve the Bank's key financial ratios. If the Bank completes these tasks as planned it will positively affect the Banks's rating. The special circumstances in Iceland, i.e. the capital controls, settlement with creditors, and political uncertainty have a negative impact on the international credit rating of the Icelandic government, companies and municipalities. These circumstances will therefore have a detrimental effect on the Bank's terms of business on the international credit markets. The outlook for the Bank is bright, despite fluctuations in the Icelandic economy. For further information please contact Haraldur Gudni Eidsson, Head of Corporate Communications at Arion Bank, tel: +354 856 7108, haraldur.eidsson@arionbanki.is. |
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