Eksportfinans ASA's business model has been placed under severe pressure by regulatory changes. Eksportfinans' enterprise risk management is, in our opinion, inadequate given the complexity of its business operations, which include the active management of a sizable portfolio of structured funding transactions. We are affirming our long-term issuer credit rating based on our continued belief in the "very high likelihood" of the Norwegian government's willingness to support Eksportfinans. We are changing our outlook on Eksportfinans to negative from stable to reflect our view of the ongoing pressure on Eksportfinans' stand-alone credit profile stemming from the viability of its current business model and the adequacy of its enterprise risk management. On June 7, 2011, Standard&Poor's Ratings Services affirmed its
