The ratings on Eksportfinans ASA primarily reflect Standard&Poor's Ratings Services' opinion regarding the likelihood of government support from the Kingdom of Norway (AAA/Stable/A-1+). They also reflect the company's excellent loan asset quality and robust capitalization. The ratings are constrained by Eksportfinans' limited product and geographic diversity, barely adequate profitability, and our uncertainty about its future cash flows because of a portfolio hedge agreement. With consolidated assets of Norwegian krone (NOK) 270.6 billion (€30.5 billion at NOK8.88 to €1) as of March 31, 2009, Eksportfinans finances Norwegian exports; provides medium- and long-term credit to promote exports; and, on behalf of the Kingdom of Norway, manages government support schemes for export credit and grants credit facilities to developing countries. In
