Standard & Poor’s has upgraded Arion Bank’s long term credit rating from BBB to BBB+ with a stable outlook. The Bank’s short term credit rating remains A-2.
Arion Bank continues to occupy a strong position and has a robust capital position in the opinion of Standard & Poor’s. The rating agency regards the Bank’s reductions in equity positions as positive. Standard & Poor’s also takes into account the continued strong economic growth in Iceland, with improving economic resilience and falling private sector leverage.
Höskuldur H. Ólafsson, CEO of Arion Bank:
“We are pleased by this upgrade, although it was not unexpected. Arion Bank is in an excellent position, not least with regard to key factors such as the Bank’s capital position. In addition Iceland has been experiencing stronger economic growth than the rest of Europe. The upgrading of the credit rating is therefore a logical step and is wholly consistent with the positive developments at the Bank and in Iceland in general. We can clearly feel growing interest from international investors, both in Arion Bank and the Icelandic business sector, and the improved credit rating will serve to heighten this interest.”
Arion Bank received an award yesterday from the Retail Banker magazine for the Most Disruptive Innovation of the Year. The award was given for the Bank’s digital mortgages.
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