International rating agency S&P Global Ratings today announced that it has upgraded the credit rating of Landsbankinn. The credit rating is raised by one notch, to BBB+ with stable outlook.
As per S&P's announcement, the upgrade reflects their expectations that Landsbankinn will maintain its leading domestic franchise and sound business operations. S&P considers the economic outlook in Iceland favourable and expects that GDP growth here will outpace other Nordics.
Lilja Björk Einarsdóttir, CEO of Landsbankinn:
"I am very pleased and this is excellent news for us all. Improved credit rating reflects extensive and successful long-standing work by the Bank and the strong standing of the Icelandic economy. We have endeavoured to be a dynamic competitor and are a leading Icelandic bank, as mentioned by S&P. Successful operation of the Bank results in competitive terms and fantastic customer service around the country. An improved credit rating means that the Bank will have easier access to credit markets, which will lead to more favourable terms in the future. I welcome this upgrade from S&P. It's important for our customers to know that their Bank is robust."
The upgrade from BBB with positive outlook to BBB+ with stable outlook is made following S&P's announcement in November 2023 on positive outlook of the Bank's credit rating.
Further information can be found in S&P's announcement, available on the Bank's website: https://www.landsbankinn.is/bankinn/fjarfestatengsl/lanshaefismat
