We have revised our view of the likelihood that Norway-based Eksportfinans ASA would receive extraordinary government support in the event of financial distress to 'low' from 'moderate'. We have revised the Eksportfinans' stand-alone credit profile reflect what we view as the company's weak business position, very strong capital and earnings, weak risk position, below average funding, and adequate liquidity. Consequently, we are lowering our long- and short-term counterparty credit ratings on Eksportfinans to 'BB+/B' and removing them from CreditWatch, where they were placed with negative implications on Nov. 24, 2011. The outlook is negative and reflects our view that Eksportfinans will remain reliant on its highly complex and, in our view, vulnerable funding structure. On Feb. 15, 2012, Standard&
