Correction: - Fitch changes rating on Glitnir Published 2008.10.09:13:46:54

Reykjavik  9  October,  2008   -  Fitch Ratings  Services   announced
yesterday that it  has  lowered  its  long-term  counterparty  credit
ratings on Glitnir Bank to  D from B and  as a result the  short-term
rating is downgraded as well from  B to D. Support rating is  changed
from 4 to  5 and the  Support Rating Floor  is revised from  B to  No
Floor.  Individual rating was affirmed at F.
Subordinated debt is downgraded to  C from CCC+, recovery revised  to
PR6 from PR5.  Hybrid Capital Instruments affirmed at C and  recovery
rating of RR6 is affirmed. Rating Watch Evolving was removed.


For further information, please contact:

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