Reykjavik, 2015-05-04 16:57 CEST (GLOBE NEWSWIRE) -- Solid management of finances and resolve in implementing plans are among the reasons for Icelandic rating company Reitun’s enhancement of Reykjavik Energy‘s rating by two notches, from i.A3 to i.A1. If current plans materialize, there is room for still further improvements in the Company’s rating, according to Reitun. The rating’s summary is as follows:
“The outlook in Reykjavik Energy’s rating was changed from stable to positive last January and financial statements have confirmed the expectations then foreseen. Continued solidification of finances, a credible budget and successes in achieving the goals set in The Plan as well as the resolve of RE’s Board of Directors and management is the reason the Company’s rating is improved by two notches. Alongside the Company’s strengthening finances, it also works on improved financial options as stated in its budget. Upcoming is, among other things, financing that should improve its current ratio. There is room for further improvement in the Company’s rating if these plans materialize.”
The rating, only available in Icelandic, is attached.
Contact:
Mr. Ingvar Stefánsson
CFO
+354 617 6301
