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.

About Kaupthing Bank
Kaupthing Bank is a Northern European bank offering integrated
financial services to companies, institutional investors and
individuals. These services include corporate and retail banking,
investment banking, capital markets services, treasury services,
asset management and comprehensive wealth management for private
banking clients.

The Bank operates in all the Nordic countries, as well as an
ever-growing number of countries throughout Europe, the Middle East
and the United States.
www.kaupthing.com