Very high likelihood of government support due to role as a provider of commercial interest reference rate products in Norway. Excellent loan asset quality. Inability to comply with financial market regulation on large exposures. Limited core franchise of products with commercial interest reference rates. Weak enterprise risk management. 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. The ratings are constrained by Eksportfinans' inability to comply with regulations on single large exposures, limited core franchise, and weak enterprise risk management. Eksportfinans finances Norwegian exports, provides medium- and long-term credit to promote exports, and, on
