Robust capitalization. Successful management of the wind-down of loan book and funding. Residual structured funding and derivative exposures. Operational and liquidity risks during the wind-down. S&P Global Ratings' stable outlook on Eksportfinans reflects our expectation of an orderly wind-down of the entity and full and timely repayment of senior obligations as the funded loan book reduces. While our Banking Industry Country Risk Assessment (BICRA) for Norway is on a negative trend, the stable outlook on Eksportfinans reflects that any revision of the anchor is unlikely to affect the ratings on Eksportfinans thanks to the guarantees by the higher rated Norwegian government and owner banks. We could consider raising the rating if the reduction in the balance sheet continues to support
