Fitch Affirms the Ratings of Kaupthing Bank at A ; Outlook Stable

Fitch Ratings has affirmed Kaupthing Bank's ("Kaupthing") ratings at
Long-term Issuer Default 'A', Short-term 'F1', Individual 'B/C' and
Support '2'. The Outlook on the Long-term Rating ("IDR") is Stable.
The Support Rating Floor was affirmed at 'BBB'.

Fitch states: "The ratings of Kaupthing reflect its strong position
in the Icelandic market, the improved diversification of its profits
and assets, its good asset quality, its satisfactory capitalisation
and underlying profitability."