Kaupþing banki hf. - Company Announcement

- Fitch affirms Kaupthing's ratings - Outlook changed to stable

Fitch Ratings today announced that Kaupthing Bank's ratings were affirmed at
Long-term IDR 'A', Short-term IDR 'F1', Individual 'B/C', Support '2' and
Support Rating Floor 'BBB'. Fitch has changed the Outlook for Kaupthing's
Long-term IDR to Stable from Negative, following the announcement by the bank
that it will not acquire the Dutch merchant bank NIBC Holding N.V. 

Fitch says in its announcement: "The ratings of Kaupthing reflect its strong
position in the Icelandic market, the improved diversification of its profits
and assets, its good asset quality, its satisfactory capitalisation and
underlying profitability." 

See link below:
http://www.kaupthing.com/Investors/Ratings/Fitch


Further information:
Gudni Adalsteinsson - Chief Treasurer, + 354 444-6126
Jónas Sigurgeirsson - Chief Communications Officer, +354 444-6112