Fitch Affirms the Ratings of Kaupthing Following the Acquisition of NIBC

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'.  At the same time,
NIBC Bank N.V.'s Support rating of '5' has been put on Rating Watch
Positive. Its current Support Rating Floor of 'NF' is based on
sovereign support.

Fitch states: "The envisaged transaction offers a good strategic fit
with Kaupthing's focus on being a one-stop financial shop for
small/mid-sized corporates in northern Europe. The diversification of
its revenue and exposure should support the sustainability of
Kaupthing's performance."