Lánamál ríkisins - Company Announcement

Fitch Upgrades Iceland to 'BBB-'; Stable Outlook

Fitch Ratings-London-17 February 2012: Fitch Ratings has upgraded Iceland's
Long-term foreign currency Issuer Default Rating (IDR) to 'BBB-' from 'BB+' and
affirmed its Long-term local currency IDR at 'BBB+'. Its Short-term foreign
currency IDR has also been upgraded to 'F3' from 'B' and its Country Ceiling to
'BBB-' from 'BB+'. The Outlooks on the Long-term ratings are Stable.

Attachments:

Fitch_rating_feb.2012.pdf