Reykjavik, 2014-06-24 17:24 CEST (GLOBE NEWSWIRE) -- Icelandic rating company Reitun has improved Reykjavik Energy‘s (Orkuveita Reykjavikur-RE) credit rating from i.BBB1 to i.A3 with continued stable outlook. The main reasons for higher rating, according to Reitun‘s attached release (only available in Icelandic), are; strong operations, results of the Company‘s Plan above targets, decreased debt, improved cash position, decreased market risks and its strong backers.

Reykjavik Energy‘s general meeting for year 2013 was held June 23rd 2014. At the meeting, the Mayor of Reykjavik, RE‘s largest owner, expressed continued committment to the Plan, series of actions initiated in 2011 and extend through year 2016.

At the meeting were announced the results of elections by the respective municipalities‘ city councils to the Company‘s Board of Directors. Four out of six board members were re-elected; Haraldur Flosi Tryggvason, chairman, Brynhildur Davidsdottir, deputy-chairman, Gylfi Magnusson and Kjartan Magnusson. New members are Aslaug Fridriksdottir and Valdis Eyjolfsdottir. Bjorn Bjarki Thorsteinsson will be attending representative.

In accordance with the Plan, the meeting decided no dividends will be paid for year 2013. KPMG wwere elected RE’s accountant, in accordance with combined tendering by The City of Reykjavik and Reykjavik Energy.