Lánamál ríkisins - Company Announcement

Moody's has published an opinion on Baa3/P-3 Iceland's sovereign credit ratings.

Moody's published on the 15th and 16th of November an opinion on the Republic
of Iceland credit rating. Sovereign credit ratings are Baa3 for long-term and
P-3 for short-term obligations. The outlook is negative. Both statements of the
Rating agency can be seen below.

Attachments:

Moodys Credit Opinion Nov 2011.pdf

Moodys Issuer Comment Nov 2011.pdf