Standard & Poor’s (S&P) has affirmed Arion Bank’s credit rating at BB+ and upgraded the outlook from stable to positive.
This comes after S&P revised the economic risk trend for Iceland from stable to positive and stated that it expected economic imbalances to decline further. S&P therefore considers the outlook for the financial market in Iceland to be positive and expects a continued improvement in the banking system's asset quality. In July S&P revised its outlook for the Icelandic sovereign from stable to positive.
Höskuldur H. Ólafsson, CEO of Arion Bank:
The Icelandic economy has improved recently according to all key criteria. Arion Bank has also consolidated its position and today is well capitalized, has good liquidity and enjoys a strong market position in Iceland. Standard & Poor’s decision affirms the Bank's financial strength and underlines the positive outlook for the Icelandic economy.
For further information please contact:
Bára Mjöll Thórdardóttir, Investor Relations, bara.thordardottir@arionbanki.is,
tel. +354 444 7159.
Haraldur Gudni Eidsson, Head of Arion Bank's Corporate Communications, haraldur.eidsson@arionbanki.is,
tel. +354 444 7108.
