Glitnir banki hf. - Company Announcement

Fitch changes rating on Glitnir

Reykjavik  9  October,  2008   -  Fitch Ratings  Services   announced
yesterday that it  has  lowered  its  long-term  counterparty  credit
ratings on  Glitnir Bank  to from  BBB to  CCC 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

Attachments:

091008 Fitch announcement.doc