Standard&Poor's has revised its methodology and assumptions for rating government-related entities. We are also lowering Eksportfinans' stand-alone credit profile due to its significantly narrower business profile in the future, following the sell-off of its municipal lender Kommunekreditt Norge AS. As a result of these two factors, we are lowering our long-term rating on Eksportfinans to 'AA' and affirming the short-term rating at 'A-1+'. The stable outlook reflects our opinion of the 'very high' likelihood of extraordinary support from the Norwegian government in case of need, and is supported by the low risk profile of Eksportfinans' core operations. On Sept. 4, 2009, Standard&Poor's Ratings Services lowered its long-term counterparty credit rating on Norway-based Eksportfinans to 'AA' from
