Fitch downgrades Kaupthing Bank's credit rating

Fitch has today downgraded Kaupthing Bank's credit ratings. The
Bank's Long-term Issuer Default Rating (IDR) is downgraded from A- to
BBB and the Bank's Short-term IDR is downgraded from F2 to F3. The
Bank's support rating is affirmed at 2, Individual rating is
downgraded from B/C to C, and Support Rating Floor is downgraded from
BBB to BBB-. All ratings are placed on Rating Watch Negative.

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