Orkuveita Reykjavíkur - Company Announcement

Reykjavik Energy‘s rating improves by two notches

Reykjavik, 2015-05-04 16:57 CEST (GLOBE NEWSWIRE) -- Solid management of
finances and resolve in implementing plans are among the reasons for Icelandic
rating company Reitun's enhancement of Reykjavik Energy‘s rating by two
notches, from i.A3 to i.A1. If current plans materialize, there is room for
still further improvements in the Company's rating, according to Reitun. The
rating's summary is as follows: 

“The outlook in Reykjavik Energy's rating was changed from stable to positive
last January and financial statements have confirmed the expectations then
foreseen. Continued solidification of finances, a credible budget and successes
in achieving the goals set in The Plan as well as the resolve of RE's Board of
Directors and management is the reason the Company's rating is improved by two
notches. Alongside the Company's strengthening finances, it also works on
improved financial options as stated in its budget. Upcoming is, among other
things, financing that should improve its current ratio. There is room for
further improvement in the Company's rating if these plans materialize.” 

The rating, only available in Icelandic, is attached.


         Contact:
         Mr. Ingvar Stefánsson
         CFO
         +354 617 6301

Attachments:

Reitun OR Credit Rating - May 2015.pdf