On April 1, 2008, Standard & Poor's ratings services announced that it had
placed HFF´s 'A+' long-term foreign currency and its 'AA-' long-term local
currency credit ratings on CreditWatch with negative implications. The 'A-1'
short-term foreign currency and the 'A-1+' short-term local currency ratings on
the Housing Financing Fund were affirmed.
These changes on HFF´s ratings were made following the changes of Standard &
Poor´s ratings for the Republic of Iceland.
For more details, see the enclosed Standard & Poor´s announcement.
