Further progress has been made by Norway-based Eksportfinans in winding down its balance sheet and reducing risk. In our view, the bank has substantial liquidity and capital, which increasingly buffer the remaining tail risks associated with the balance sheet run-down. We have therefore revised the outlook to positive from stable and affirmed our long- and short-term issuer credit ratings on Eksportfinans at 'A-/A-2'. The positive outlook reflects growing track record of risk management related to structured funding and our anticipation that risks are likely to decline further as the bank progresses on its wind-down. On May 31, 2024, S&P Global Ratings revised its outlook on Eksportfinans to positive from stable. At the same time, we affirmed our 'A-/A-2' long- and
