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Fitch: Reykjavik Energy BB-
Fitch Ratings said it published Orkuveita Reykjavikur’s (Reykjavik Energy) long-term issuer default rating of BB-.
The outlook is stable.
The rating reflects the regulated nature of the company with 65% of 2014 EBITDA coming from its regulated electricity, hot water, cold water and sewage networks, Fitch said.
The remaining 35% of 2014 EBITDA was from electricity generation and its fiber-optic network, the agency said.
The rating is constrained by its concentrated Icelandic operations, large exposure to currency risk and aluminum price risk, Fitch said.
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