Fitch affirms Orkuveita Reykjavikur

Fitch Ratings said it affirmed Orkuveita Reykjavikur's long-term issuer default rating at BB+ with a stable outlook.

“The affirmation reflects RE's outperformance of our financial forecast for 2018 and expected relatively stable credit metrics over 2019-2023 with marginal improvement in leverage,” Fitch said in a news release.

“The rating is also underpinned by the company's business profile, supported by a significant proportion of quasi-regulated activities with modest visibility in the medium term, but cash flow volatility higher than peers due to foreign exchange and commodity price exposure.”

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