Standard & Poor’s upgrades Arion Bank’s credit rating


Standard & Poor’s has upgraded Arion Bank’s credit rating from BBB- to BBB with a positive outlook. The upgrade reflects the improving conditions in the Icelandic economy, the deleveraging of Icelandic households and corporations and the positive impact of the continued liberalization of capital controls. It also takes into account Arion Bank’s enhanced access to international funding markets and improved capital following the sale of legacy equity positions.

Höskuldur H. Ólafsson, CEO of Arion Bank:

“The upgrading of Arion Bank’s credit rating is testament to the achievements we have made in recent years.  This refers to both Arion Bank, which is steadily consolidating its financial position, and also the Icelandic economy which is performing well at the moment. A higher credit rating is important as it raises our profile as potential clients among international investors and enables us to obtain better terms. The main cost item in our operation is funding and a higher credit rating enables us to reduce this cost and to offer our customers better terms.”

For further information please contact Haraldur Gudni Eidsson of Arion Bank's Communications division at haraldur.eidsson@arionbanki.is, or tel. +354 444 7108.


Attachments

Arion RU October 2016.pdf