Moody's places Kaupthing Bank on review for possible downgrade

Moody's Investors Service has today placed the credit ratings of
Kaupthing Bank hf. ("Kaupthing") on review for possible downgrade.
The Bank's long-term rating of A1 and financial strength rating
(BFSR) of C- have been placed on review for possible downgrade, while
Kaupthing's short-term rating of P-1 has been affirmed by Moody's.

According to Moody's, this rating action was triggered by further
weakening of financial fundamentals within the Icelandic banking
system in light of the global tightening of liquidity.


Further information:
Gudni Adalsteinsson - Chief Treasurer, + 354 444 6126 or Jónas
Sigurgeirsson - Chief Communications Officer, +354 444 6112.