23 October 2002

Moody's upgrades foreign currency rating of Iceland to Aaa

Moody's Investors Service yesterday raised the foreign currency country ceiling for Iceland for bonds and bank deposits to its highest rating Aaa, up from Aa3. This follows a 2001 change in Moody's methodology for analysing country ceilings. Foreign currency bonds issued or guaranteed by the government of Iceland are now rated at the same Aaa level as its local currency debt.

For more information on this matter see Moody's Investors Service's web site

October 22, 2002