Fitch changes Glitnir's rating

Reykjavik  7  October,  2008   -  Fitch Ratings  Services   announced
today that it has lowered  its long-term counterparty credit  ratings
on Glitnir Bank  to from BBB-  to B  and as a  result the  short-term
rating is downgraded as well from F3 to B. Support rating is  changed
from 4 to 2 and the Support  Rating Floor is revised from B to  BBB-.
Individual rating was affirmed at F.
Subordinated debt is downgraded to CCC+ from BB a recovery rating  of
RR5 is assigned. Hybrid Capital Instruments are downgraded from B  to
C a recovery  rating of RR6  is assigned. All  ratings are on  Rating
Watch Evolving.


For further information, please contact:

Sigrún Hjartardóttir, Head of Investor Relations, tel. +354 440 4748,
 e-mail: sigrun.hjartardottir@glitnir.is



About Glitnir bank:
Glitnir is  a  Nordic bank,  with  its headquarters  in  Iceland  and
operations in ten countries.  The Bank's main markets are Iceland and
Norway where it offers 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.  Glitnir's international expansion is mainly driven  by
two specialized industry sectors -  seafood and sustainable energy  -
in which the bank has developed significant industry expertise  built
on its Icelandic and Norwegian heritage.  Glitnir's shares are listed
on NASDAQ OMX in Iceland under the symbol GLB.