Fitch downgrades Kaupthing Bank's credit rating

| Source: Kaupthing Bank Kaupthing Bank 

Fitch Ratings has today downgraded Kaupthing Bank's credit ratings.
The Bank's Long-term Issuer Default rating (IDR) is downgraded from
BBB to CCC and the Bank's short-term IDR is downgraded from F3 to C.
Both are revised Credit Watch Evolving from Negative. The Bank's
support rating is downgraded from 2 to 5, Individual rating is
downgraded from C to E, and Support Rating Floor is downgraded to 'No
Floor' from BBB-. These ratings are removed from Rating Watch
Negative.

Further Information:
Gudni Adalsteinsson, Chief Treasurer, tel. +354 444 6126
Jónas Sigurgeirsson, Chief Communication Officer, tel. +354 444 6112