Moody’s lifts Orkuveita Reykjavikur to Ba3

Moody's Investors Service said it upgraded the issuer rating of Orkuveita Reykjavikur to Ba3 from B1.

The outlook was changed to stable.

Moody’s said the upgrade reflects the progress the company has made with regard to improving its operational performance, strengthening its liquidity position and reducing financial leverage against the background of an improving macroeconomic environment and market conditions in Iceland.

It also takes into account of Moody's expectation that Orkuveita Reykjavikur should be able to maintain its improved financial profile and better withstand adverse aluminum, foreign exchange and interest rate movements.

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