Over the past few years, Norway-based Eksportfinans ASA has materially wound down its structured liabilities, reducing risk and complexities, while building up a sizeable capital and liquidity buffer. Given the bank's ample liquidity and capital buffers relative to the remaining debt outstanding, we believe the risk of nontimely payment for senior unsecured bondholders continues to diminish. We therefore raised our long-term issuer credit rating on Eksportfinans to 'A-' from 'BBB+'. The outlook is stable, reflecting our expectation that an orderly wind down will continue while liquidity and capital will be kept at high levels. On June 29, 2021, S&P Global Ratings raised its long-term issuer credit rating on Norway-based Eksportfinans ASA to 'A-' from 'BBB+'. The outlook is stable. At
