Given the lack of an appeal of the March 28, 2014 Tokyo District Court decision, we now see an increased likelihood of an orderly wind-up for Norway-based Eksportfinans ASA. We are revising our outlook on Eksportfinans to positive from negative. We are affirming at 'BB+/B' our counterparty credit ratings on Eksportfinans. The positive outlook reflects our view that the likelihood of an orderly wind-up of the entity, or its acquisition by a major owner bank, should continue to increase as the funded loan book reduces. On May 20, 2014, Standard&Poor's Ratings Services revised its outlook on Norway-based Eksportfinans ASA to positive from negative. At the same, we affirmed our 'BB+/B' long- and short-term counterparty credit ratings on Eksportfinans.
