Moody's affirms the ratings of Kaupthing Bank

Moody's Investors Service has affirmed the long-term foreign and
local currency deposit ratings of Kaupthing Bank hf as A1 and its
bank financial strength rating ("BFSR") at C-. The Bank's Prime-1
short-term rating was also affirmed, the highest rating given. The
outlook on all ratings is stable.
The affirmation comes following Moody's downgrade of the Icelandic
Sovereign to Aa1 from Aaa.

Further information:
Gudni Adalsteinsson - Chief Treasurer, + 354 444-6126
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 of the Nordic countries (Denmark, Finland,
Iceland, Norway and Sweden) and in 6 countries in mainland Europe
(the UK, Luxembourg, Belgium, Switzerland, Germany and the Isle of
Man), as well as the US, the Dubai International Financial Centre
(DIFC) and the Qatar Financial Centre (QFC). In Denmark, Kaupthing
Bank operates under the name FIH Erhvervsbank. As of 31 March 2008
the number of full-time equivalent positions was 3,324 at Kaupthing
Bank and its subsidiaries. www.kaupthing.com