Landsvirkjun -- Moody's affirms ratings of Landsvirkjun; outlook stable

London, 25 April 2016 -- Moody's Investors Service, ("Moody's") has today affirmed all of Landsvirkjun's un-guaranteed ratings, including the (P)Ba1/(P)NP ratings of the $1 billion EMTN programme and the company's Ba1 senior unsecured debt ratings. In addition Moody's has affirmed the (P)Baa2/(P)P-2 backed senior unsecured ratings of the $2.5 billion EMTN programme and the Baa2 ratings of the debt issued thereunder, all benefitting from a guarantee of collection from the Government of Iceland (Baa2 stable). Concurrently, Moody's has raised Landsvirkjun's standalone credit quality, expressed as a baseline credit assessment (BCA) to ba3 from b1. The outlook on the rating is stable.

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