...Operational and liquidity risks during the wind-down. Outlook: Positive The positive outlook on Norway-based Eksportfinans ASA reflects S&P Global Ratings' view that the likelihood of the company's orderly wind-down will continue to increase as the funded loan book reduces. We could upgrade Eksportfinans in the next two years if the significant maturities and associated reduction in the loan book, alongside decreased derivative exposures over the next two years, heighten the likelihood of full and timely repayment of senior debt. The reductions in Eksportfinans' balance sheet and risks should improve its risk-adjusted capital (RAC) buffers from already exceptional levels. We could also revise our assessment of Eksportfinans' business position as a result of an increased possibility of a stable wind-down, for instance if the company was to be acquired by one of its higher-rated owner banks, improving the likelihood of it meeting its debt obligations. We could revise our outlook to stable...
