Moody's changes rating on Glitnir Bank

Press release

Reykjavik, 30  September  2008  -  Moody's  Investors  Service  today
downgraded Glitnir  Bank's financial  strength rating  ("BFSR") to  D
from C- and its long-term foreign and local currency deposit  ratings
to Baa2 from A2. The Bank's  short-term rating to Prime-2 from  Prime
1. The  BFSR remains  on  review for  possible downgrade,  while  the
outlook on all debt and deposit ratings is developing.


For further information contact:

Vilhelm Mar Thorsteinsson, Executive Vice President of Treasury,
villi@glitnir.is , +354 440 4012

Sigrun Hjartardottir, Head of Investor Relations, sihj@glitnir.is ,
mobile + 354 844 4748

Bjorn Richard Johansen, Managing Director of Global Corporate
Communication, brj@glitnir.no mobile +47 47 800 100




About Glitnir Bank
Glitnir is a Nordic bank, with headquarters in Iceland and operations
in ten countries. Our home markets are Iceland and Norway, where we
offer a broad range of financial services, including corporate
banking, investment banking, capital markets, investment management
and retail banking. Outside of our home markets we have operations in
Finland, Sweden, UK, Luxembourg, US, Canada, China and Russia. We
will furthermore open an office in India in the second half of 2008.
Our international expansion is mainly driven by two specialised
industry sectors - seafood and sustainable energy - in which we have
developed significant industry expertise built on our Icelandic and
Norwegian heritage. Our shares are listed on NasdaqOMX in Iceland
under the symbol GLB