Fitch Ratings has today downgraded Kaupthing Bank's credit ratings. The Bank's Long-term Issuer Default rating (IDR) is downgraded from BBB to CCC and the Bank's short-term IDR is downgraded from F3 to C. Both are revised Credit Watch Evolving from Negative. The Bank's support rating is downgraded from 2 to 5, Individual rating is downgraded from C to E, and Support Rating Floor is downgraded to 'No Floor' from BBB-. These ratings are removed from Rating Watch Negative. Further Information: Gudni Adalsteinsson, Chief Treasurer, tel. +354 444 6126 Jónas Sigurgeirsson, Chief Communication Officer, tel. +354 444 6112
Fitch downgrades Kaupthing Bank's credit rating
| Source: Kaupthing Bank