Glitnir banki hf. - Company Announcement

Fitch changes the credit rating of Glitnir Bank

Press release


Reykjavik 30 September, 2008 - Fitch Ratings Services announced
today that it has lowered its long-term counterparty credit ratings
on Glitnir Bank to from A- to BBB- and as a result the short-term
rating is downgraded as well from F2 to F3, both ratings are on
Rating Watch Negative. Individual rating was downgraded to F from
B/C.


For further information, please contact:

Vilhelm Már Thorsteinsson, EVP, Treasury, tel. +354 440 4012, mobile
+354 844 4012, vilhelm.thorsteinsson@glitnir.is

Sigrún Hjartardóttir, Head of Investor Relations, tel. +354 440 4748,
mobile +354-844 4748, e-mail: sigrun.hjartardottir@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 main 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:

300908 Fitch announcement.docx