Very high likelihood of government support. Excellent loan asset quality. Robust capitalization. Limited diversity as a specialized lender. Low profitability. High dependence on wholesale funding. The ratings on Eksportfinans ASA reflect our opinion that there is a very high likelihood of extraordinary support from the Norwegian government (if necessary). They are further underpinned by the company's excellent loan asset quality and robust capitalization. The ratings are constrained by Eksportfinans' limited product and geographic diversity, low profitability, and high dependence on wholesale funding. Eksportfinans finances Norwegian exports; provides medium- and long-term credit to promote exports; and, on behalf of the Kingdom of Norway, manages government support schemes for export credits and grants credits to developing countries. The Norwegian government holds a
