- Iceland Sovereign Ratings Lowered On External Funding Risks; Outlook Negative

On April 17, 2008, Standard & Poor's Ratings Services lowered the long-term
foreign currency rating on the Republic of Iceland to 'A' from 'A+' and its
long-term local currency rating to 'AA-' from 'AA'.  The 'A-1' short-term
foreign currency and ‘A-1+' short-term local currency ratings were both
affirmed. The T&C assessment has also been downgraded to 'AA' from 'AA+'.