Moody’s ups Orkuveita Reykjavikur to Ba2

Moody's Investors Service said it upgraded the long-term issuer rating of Orkuveita Reykjavikur to Ba2 from Ba3.

The agency also assigned a stable outlook.

This action concludes the rating review initiated on June 13 and was driven by the speed and extent of Iceland's progress in recovering from its 2008 crisis, as captured by Moody's upgrade of Iceland's government bond rating to A3 stable from Baa2 under review for upgrade on Sept. 1.

Moody’s said the upgrade of the issuer rating to Ba2 reflects the progress Orkuveita Reykjavikur has made with regard to strengthening its financial profile and improving its liquidity position in the context of a continuing improvement in the macroeconomic environment and market conditions in Iceland.

It also takes account of the agency’s expectation that the company should be able to maintain its improved financial performance and good liquidity position.

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