On April 17, 2008, Standard & Poor´s Rating Services lowered the Housing
Financing Fund´s (HFF) long-term local currency ratings to 'A+' from 'AA-' with
a negative outlook. HFF´s long-term foreign currency rating was also lowered to
A from A - with a negative outlook.
The short-term local currency rating was lowered to 'A-1' from 'A-1+' and the
short-term foreing currency rating 'A-1' was affirmed.
These changes in HFF´s ratings were made following a change in ratings for the
Republic of Iceland.
