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Straumur - Burdaras hf (ICE:STRB) Fitch Ratings has today downgraded Straumur-Burdaras Investment Bank hf. following yesterday's announcement that the government of Iceland, through the intermediation of the Central Bank of Iceland, will provide Glitnir Banki hf. with new equity and take a 75% stake in Glitnir Banki hf.
Straumur's Long-term Issuer Default rating (IDR) is downgraded to 'BB+' from 'BBB-'; the Short-term IDR is downgraded to 'B' from 'F3'; and the Subordinated debt is downgraded to 'BB' from 'BB+'. These three ratings are placed on Rating Watch Negative.
However, Straumur's Support rating is affirmed at '3'; the Support Rating Floor is affirmed at 'BB-'; and the Individual rating is affirmed at 'C/D'.
For further details on the rating action see the attached announcement from Fitch Ratings.
For further information contact: Georg Andersen, Senior Vice President Head of Corporate Communications tel: +354 858 6707 e-mail: georg.andersen@straumur.net
Ólafur Teitur Gudnason, Vice President, Media Relations Corporate Communications tel: +354 858 6778 e-mail: olafur.gudnason@straumur.net
