On March 28, 2014, the Tokyo District Court ruled in favor of Eksportfinans in the claim that it had triggered an "event of default" clause (cessation of business) in its "Samurai" loan documentation. We are removing the ratings from CreditWatch negative and affirming them at 'BB+/B'. The negative outlook reflects our view that the legal process could continue, as well as the continued risk associated with Eksportfinans' complex funding structure and our expectations of no future extraordinary government support. On March 31, 2014, Standard&Poor's Ratings Services removed its 'BB+/B' long- and short-term counterparty credit ratings on Norway-based Eksportfinans ASA from CreditWatch with negative implications, where they had been placed on March 26, 2014. At the same time, we
