On March 28, 2014, the Tokyo District Court is expected to provide its verdict on whether Eksportfinans triggered an "event of default" clause (cessation of business) in its "Samurai" loan documentation. As such, we are placing our 'BB+/B' ratings on Eksportfinans on CreditWatch negative to highlight the short-term and uncertain nature of this risk to the issuer credit ratings. We expect to resolve the CreditWatch in the days following the March 28 court decision or any related settlement date. In the event of a negative ruling against Eksportfinans, we would expect within days of the decision to lower the ratings by at least three notches. We would continue to monitor and assess the impact such an outcome would have on
