The ratings on Eksportfinans ASA reflect our opinion that there is a very high likelihood of extraordinary support from the Norwegian government (if necessary). They are further underpinned by the company's excellent loan asset quality. The ratings are constrained by Eksportfinans' inability to comply with regulations on single large exposures, limited core franchise, and weak enterprise risk management. 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 credits and grants credits to developing countries. The Norwegian government holds a 15% stake in Eksportfinans and the remaining 85% is held by commercial banks--the three largest owners being DnB NOR Bank ASA (A+/Stable/A-1), Nordea Bank
