We now view the wind-down of Eksportfinans as becoming more predictable as large portions of the balance sheet mature. We are therefore raising our long-term counterparty credit rating on Eksportfinans to 'BBB+' from 'BBB'. The stable outlook reflects our view that the wind-down of Eksportfinans is likely to proceed in an orderly fashion. On Nov. 28, 2016, S&P Global Ratings raised its long-term counterparty credit rating on Eksportfinans ASA to 'BBB+' from 'BBB'. The outlook is stable. At the same time, we affirmed the 'A-2' short-term rating. The upgrade reflects the diminishing likelihood of nonpayment of Eksportfinans' senior creditors following significant reductions in outstanding debt during 2016. We now consider an orderly wind-down of Eksportfinans to be more likely. The
