...Operational and liquidity risks during the wind-down. Outlook: Stable S&P Global Ratings' stable outlook on Eksportfinans reflects our expectation of an orderly wind-down of the entity and full and timely repayment of senior obligations as the funded loan book reduces. While our Banking Industry Country Risk Assessment (BICRA) for Norway is on a negative trend, the stable outlook on Eksportfinans reflects that any revision of the anchor is unlikely to affect the ratings on Eksportfinans thanks to the guarantees by the higher rated Norwegian government and owner banks. We could consider raising the rating if the reduction in the balance sheet continues to support the stability of Eksportfinans' balance sheet and its capacity to repay all creditors in full and on time. As Eksportfinans continues the orderly reduction of its balance sheet and structured funding, the risk of a downgrade also decreases, but could be triggered by unexpected and material balance sheet stress or an extraordinary...
