Robust capitalization. Orderly wind-down in accordance with the company's strategy. Challenging macroeconomic environment due to the combined effects of the COVID-19 pandemic and a decline in oil prices. Residual exposure to structured funding and derivatives. Operational risks during the wind-down. 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. This is despite the challenging macroeconomic environment, reflecting the combined effects of a decline in oil prices and the COVID-19 pandemic. We could upgrade Eksportfinans in the next two years if the significant maturities and associated reduction in the loan book, alongside reduced derivative exposure over the next two years,
