Credit rating upgraded by one notch
S&P Global Ratings has upgraded the credit rating for Landsvirkjun by one notch, to A- from BBB+. The outlook is stable. The upgrade of Landsvirkjun's rating reflects a similar rating action on Iceland to 'A+' from 'A' on November 10, 2023.
The credit upgrade reflects Landsvirkjun's strong financial profile and positive outlook for 2024. The Company has been deleveraging in recent years and financial risk has decreased.
Landsvirkjun published record results in the third quarter of 2023 and 2023 is on track to become the best operating year in the Company's history.