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2016-03-22 10:38:21 CET 2016-03-22 10:38:21 CET REGULATED INFORMATION Orkuveita Reykjavíkur - Company AnnouncementReitun upgrades OR‘s credit ratingReykjavik, 2016-03-22 10:37 CET (GLOBE NEWSWIRE) -- The Icelandic rating company Reitun has upgraded Orkuveita Reykjavíkur‘s (OR; Reykjavik Energy) credit rating from i.A1 to i.AA3 with stable outlook. The attached rating release (only available in Icelandic) states: “Orkuveita Reykjavikur is returning as one of Iceland’s largest and most solid companies.” It further states that actions taken by the Company’s board of directors and management have succeeded beyond targets. Important milestones have already been reached, Reitun states, and all conditions equal, OR should reach its goals of low leverage, stronger cash position, decreased market risk, and solid returns from operations. In its rating action, Reitun says that in year 2015, OR reached the important of the Plan having returned its target for improved cash position, one year and a half ahead of time, and the Company’s updated budget involve continued restraint in expenditures. In Reitun’s opinion, the success already achieved and the solid cooperation between the Board and the management, the budget is realistic and a good step forward. Reitun also point out that despite OR’s accomplishments, the Company has not yet achieved the financial strength its aims at. Contact: Ingvar Stefansson CFO +354 516 6100 |
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