Robust capitalization. Successful management of bank run-off. Residual structured funding model and complex derivative book. High operational risks. Still high concentration risks. The negative outlook on Norway-based Eksportfinans ASA reflects Standard&Poor's Ratings Services' view that the company's creditworthiness will remain reliant on its highly complex funding structure. In addition, we do not expect risk mitigation from extraordinary future government support over the next two years. We might consider a negative rating action if Eksportfinans' risk position further deteriorated to the point where the company could lose the benefit of its financial hedges. This would significantly weaken its financial risk profile and create substantial costs for replacing illiquid non-standard contracts. Such an outcome could lead to a downgrade of
