...Outlook: Positive Standard & Poor's Ratings Services positive outlook on Norway-based Eksportfinans ASA reflects our view that the likelihood of an orderly wind-down of the entity will continue to increase as the funded loan book reduces. We believe that the continued reduction of the structured funding book increasingly reduces key risk factors for the rating. The positive outlook also reflects our belief that the reduced complexity and the shrinking balance sheet could eventually increase the likelihood of a stable wind-down of Eksportfinans or an acquisition of the entity, likely by one of the three major shareholding banks. Depending on the circumstances, either of these events could improve the likelihood of senior debt repayment, in our view. We could consider raising the rating further if the uncertainty of triggers and calls in the structured funding book reduces further, or Eksportfinans' owners or the Norwegian government take an action that could mitigate the risk pertaining...
