Lánamál ríkisins - Company Announcement

Fitch Affirms Sovereign Ratings, Revises Outlooks to Stable from Negative

Fitch Ratings has revised the Outlooks on Iceland's
Long-term Foreign and Local Currency Issuer Default Ratings (IDRs) of ‘BB+' and
‘BBB+' 
respectively to Stable from Negative. The Foreign Currency Short-Term IDR is
affirmed at 
‘B' and the Country Ceiling at ‘BB+'. Fitch says that this positive rating
action on Iceland, its 
first since 2006, reflects a reassessment of the near term impact on sovereign
creditworthiness 
of the popular rejection of the ‘Icesave' agreement in a national referendum on
9 April.

Attachments:

Iceland_RAC_Final_13 5 2011.pdf