Eksportfinans ASA's steady progress in running down its operations is improving its asset mix. At the same time, the company is subject to event risk because it has been sued in Japan for being in breach of covenants in its loan documentation, and it remains exposed to structured funding whereby market price changes may trigger early call early calls. We are therefore affirming our 'BB+/B' ratings on Eksportfinans. The negative outlook reflects our view that the company's creditworthiness will remain reliant on its highly complex funding structure, and that we do not expect risk mitigation from new business or extraordinary future government support. On Nov. 5, 2013, Standard&Poor's Ratings Services affirmed it 'BB+/B' long- and short-term counterparty credit
