International ratings agency Moody’s Investors Service („Moody‘s“) has assigned a first time Baa2 long-term and Prime-2 short-term foreign and local currency bank deposit and issuer ratings to Iceland’s Kvika Banki hf („Kvika“). The assigned long-term deposit and issuer ratings carry a stable outlook.
The ratings reflect Kvika’s robust capitalisation coupled with strong profitability and liquidity, reflective of the group’s diversified revenue streams and the increasing importance of non-capital-intensive banking operations as well as the profit contribution from its insurance operations via TM tryggingar hf.
Kvika initiated the rating process in early 2022, following the publication of the Group’s first EMTN Programme and inaugural foreign debt issuance, to support the Group‘s issuance of bonds and other funding efforts.
Marinó Örn Tryggvason, CEO of Kvika:
We are very pleased with the confirmation inherent in Moody's credit ratings, which is a good recognition of Kvika as a reliable bond issuer and deposit holder.The credit ratings are an important part of our service and relationship building with foreign investors and will play a large role in reducing Kvika‘s funding costs, increase access to a broader investor base and diversification of financing. It is particularly gratifying to see that Moody's specifically mention the company's revenue distribution as a major strength, which further encourages us to continue on the path that Kvika's has taken in recent years.
Please note that this notice is a disclosure of inside information per article 17. of MAR
For further information please contact Kvika‘s investor relations, firstname.lastname@example.org