Orkuveita Reykjavíkur
Moody’s changes outlook to positive on Orkuveita Reykjavikur’s B1 rating

Orkuveita Reykjavíkur 

08.12.2014 18:53

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Reykjavik, 2014-12-08 18:53 CET (GLOBE NEWSWIRE) -- Moody's Investors Service
has today revised the outlook on Reykjavik Energy's (Orkuveita Reykjavikur) B1
issuer rating to positive from stable. Concurrently, Moody's has affirmed this
rating. 

In its release, Moody's acknowledges the progress Reykjavik Energy has made
with regard to strengthening its financial and liquidity profile over recent
years and the increased likelihood that the company will meet Moody's ratio
guidance for a rating's upgrade. 

The Company's management is commended for its commitment to the implementation
of a five-year plan approved by the board of directors in March 2011. The
company has outperformed all targets, including increasing revenues, reducing
costs and the challenge of sale of assets, which has returned revenues as
planned. 

Exchange rate risk remains a challenge for Reykjavik Energy, according to
Moody's, but liquidity has improved owing to the company's accurate cash
management and hedging agreements. 

Attached is Moody's release.
News Source: NASDAQ OMX



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Language:     English
Company:      Orkuveita Reykjavíkur
              
               
              Iceland
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         IS0000010775
WKN:          
 
End of Announcement                             DGAP News-Service
 
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