We view the wind-down of Eksportfinans as becoming more predictable, because its balance sheet will contract by about one-third annually over the coming two years as a substantial portion of the debt matures, while the balance sheet remains comfortably buffered by the entity's very strong risk-adjusted capitalization, in our view. We are revising our outlook on Eksportfinans to positive from stable and affirming our 'BBB+/A-2' ratings. The positive outlook reflects our view that the likelihood of an orderly wind-down of the entity will continue to increase as the funded loan book reduces. On Nov. 23, 2017, S&P Global Ratings revised its outlook on Norway-based Eksportfinans ASA to positive from stable. At the same time, we affirmed our 'BBB+/A-2' long- and
