On June 29, 2021 Eksportfinans was upgraded by S&P Global Ratings to A- from BBB+, and the rating outlook is stable. The final report was published on August 3, 2021.

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Rating Action

On June 29, 2021, S&P Global Ratings raised its long-term issuer credit rating on Norway-based Eksportfinans ASA to 'A-' from 'BBB+'. The outlook is stable. At the same time, we affirmed our 'A-2' short-term issuer credit rating on the bank.

Rationale

Eksportfinans' management has shown the capacity to manage outstanding structured funding while an orderly wind down advances. Over the past 10 years, Eksportfinans has capably managed the wind down of much of its balance sheet. Total assets stood at Norwegian kroner (NOK) 11.2 billion (€1.1 billion) at March 31, 2021, compared with NOK 215.5 billion at year-end 2010. A complex funding structure required ongoing management of derivatives as hedges. We now consider the complexity and size of the outstanding debt much lower, reducing risk of nonpayment.