Glitnir banki hf. - Company Announcement

S&P changes Glitnir Bank's long-term credit rating

Short term counter party rating of A-2 affirmed
 
Reykjavik 21 April, 2008 - Standard & Poor's Ratings Services
announced today that it has lowered its long-term counterparty credit
ratings on Glitnir Bank to BBB+ from A- with a negative outlook. At
the same time the A-2 short term counterparty credit rating was
affirmed. Glitnir is the only bank in Iceland rated by S&P.
 "This result reflects the current turbulence in the global  financial
markets as well as the current uncertainty regarding the  development
of the Icelandic economy", says Ingvar Ragnarsson, Managing  Director
of Treasury  at Glitnir.  "Due to  the continuing  volatility in  the
financial  markets,  rating  agencies  have  been  reassessing  their
ratings for a  number of  banks around the  world. Glitnir's  banking
operations and liquidity position will continue to be resilient".
 
S&P press release is attached.
Glitnir Bank will publish the results of first quarter 2008 on 7 May.
 
 
For further information, please contact:
Ingvar Ragnarsson, Managing Director, Treasury, tel. +354 440 4665,
mobile +354 844 4665 and e-mail: ingvar.ragnarsson@glitnir.is.
 
Vala Pálsdóttir, Head of Investor Relations, tel. +354 440 4989,
mobile +354-844 4989, e-mail: vala.palsdottir@glitnir.is.
 
Bjørn Richard Johansen, Managing Director, Corporate Communication,
mobile +47-47 800 100, e-mail: brj@glitnir.no.
 
 
About Glitnir bank:
Glitnir is a Nordic bank, with its headquarters in Iceland and
operations in ten countries.  The Bank's home markets are Iceland and
Norway where it offers a broad range of financial services, including
corporate banking, investment banking, capital markets, investment
management and retail banking.  Outside of our home markets we have
operations in Finland, Sweden, UK, Luxembourg, US, Canada, China and
Russia. We will furthermore open an office in India in the second
half of 2008.  Glitnir's international expansion is mainly driven by
two specialized industry sectors - seafood and sustainable energy -
in which the bank has developed significant industry expertise built
on its Icelandic and Norwegian heritage.  Glitnir's shares are listed
on NASDAQ OMX in Iceland under the symbol GLB.

Attachments:

S&P announcement