Straumur-Burðarás Fjárfestingabanki hf. - Company Announcement

Fitch rating action on Straumur (7 Oct)

On 7  October Fitch  Ratings issued  the following  rating action  on
Straumur-Burdaras Investment Bank hf:

Long-term IDR and senior debt: downgraded to 'BB-' from 'BB+'
Short-term IDR: affirmed at 'B', revised to Rating Watch Evolving
Support rating: changed to '5' from '3'
Support rating floor: revised to 'No Floor'
Individual rating: downgraded to 'D' from 'C/D'
Subordinated debt: downgraded to 'B' from 'BB'

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

Attachments:

Fitch - 07 October 2008.pdf