Straumur - Burdaras hf (ICE:STRB) Fitch Downgrades Straumur

Straumur - Burdaras hf (ICE:STRB) 05 November 2008

Fitch Ratings has today downgraded Straumur-Burdaras Investment Bank hf. (Straumur)

Straumur's ratings are as follows:

Straumur's ratings are as follows: Long-term IDR: downgraded to 'B' from 'BB-' (BB minus); Rating Watch changed to Negative from Evolving Short-term IDR 'B'; Rating Watch changed to Negative from Evolving Support rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' Individual rating: downgraded to 'D/E' from 'D'; Rating Watch changed to Negative from Evolving Senior debt: downgraded to 'B' from 'BB-' (BB minus); Rating Watch changed to Negative from Evolving; Recovery Rating of 'RR4' assigned Subordinated debt: downgraded to 'CCC+' from 'B'; Rating Watch changed to Negative from Evolving; Recovery Rating of 'RR6' assigned

For further information contact: Georg Andersen, Senior Vice President Head of Corporate Communications Tel: +354 858 6707 E-mail: georg.andersen@straumur.net

Ed Gasgoigne-Pees Managing Director, Financial Dynamics Tel: +44 (0)20 7269 7132 E-mail: ed.gascoigne-pees@fd.com

Felicity Murdoch Associate Vice President, Financial Dynamics Tel: +44 (0)20 7269 7243 E-mail: felicity.murdoch@fd.com

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



LINK: http://hugin.info/135778/R/1266932/279341.pdf



LINK: http://hugin.info/135778/R/1266932/279342.pdf

Straumur - Burdaras hf

http://www.straumur.net

ISIN: IS0000000644

Stock Identifier: XICE.STRB