Landsvirkjun
Standard & Poor‘s raise Landsvirkjun‘s long-term credit rating
Landsvirkjun 20.10.2010 17:34 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Standard & Poor's credit rating agency have raised Landsvirkjun's long-term credit rating from BB to BB+. According to S&P the upgrade reflects the improved stand-alone credit profile of Landsvirkjun, which is partly due to a gradual improvement in the stability and predictability of the company's earnings, and partly because of Landsvirkjun's focus on decreasing risk in its operations. In Standard & Poor's view Landsvirkjun's financial risk profile is likely to improve in the near furture, based on the company's operational results for the first six months of 2010. Liquidity has improved and is no longer weighing on the rating. Furthermore Landsvirkjun's reduced exposure to volatile aluminium prices taking place through recent renegotiation with one of the company's buyers, 'should result in less volatile swings in the company's earnings and cash flows' says in S&P's press release. Finally Landsvirkjun's increased focus on improving profitability is seen as positive by S&P. Landsvirkjun's negative outlook reflects that on the Republic of Iceland. More information: Ragna Sara Jónsdóttir yfirmaður samskiptasviðs Landsvirkjunar sara@lv.is +(354) 515 9000 / +(354) 849 2122 News Source: NASDAQ OMX 20.10.2010 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Landsvirkjun Iceland Phone: Fax: E-mail: Internet: ISIN: IS0000003127 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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