Following the presentation of plans for the eventual removal of capital controls in Iceland the international ratings agency Standard & Poor´s has raised its ratings on Arion Bank from BB+ to the investment grade ratings of BBB-, with stable outlook. Standard & Poor´s decision follows the ratings agency’s decision from July 17 to raise Iceland´s ratings to BBB from BBB-.
Arion Bank´s improved ratings reflect its business position and strong capital, earnings and liquidity position.
Höskuldur H. Ólafsson, CEO of Arion Bank:
“It is important for us as well as our customers that the Bank now has investment grade ratings from S&P. Arion Bank currently has strong access to the international bond markets as has been evidenced in recent EUR 300 million and NOK 500 million bond transactions. The upgrade will broaden Arion Bank’s investor base and contribute to lower funding costs in the future. It is also very important to us that with greater access to international funding markets we will be better able to service our customers in need of funding in foreign currencies.”
For further information please contact Haraldur Gudni Eidsson of Arion Bank's Communications division at haraldur.eidsson@arionbanki.is, or tel. +354 444 7108.
