Research Update: Eksportfinans ASA Outlook To Negative On Weakened Business Model And Concerns Over Adequacy Of ERM; Ratings Affirmed Jun 11

Standard & Poors, June 2011

Abstract
Eksportfinans ASA's business model has been placed under severe pressure by regulatory changes. Eksportfinans' enterprise risk management is, in our opinion, inadequate given the complexity of its business operations, which include the active management of a sizable portfolio of structured funding transactions. We are affirming our long-term issuer credit rating based on our continued belief in the "very high likelihood" of the Norwegian government's willingness to support Eksportfinans. We are changing our outlook on Eksportfinans to negative from stable to reflect our view of the ongoing pressure on Eksportfinans' stand-alone credit profile stemming from the viability of its current business model and the adequacy of its enterprise risk management. On June 7, 2011, Standard & Poor's Ratings Services affirmed its...

Companies mentioned in this report are: Eksportfinans ASA
Action: Affirmed
Action: Outlook: Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Eksportfinans ASA

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