Eksportfinans upgraded by S&P Global Ratings

30/06/2021 - Press release

On June 29, 2021 Eksportfinans was upgraded by S&P Global Ratings to A- from BBB+, and the rating is stable

 

 

YOU WILL FIND THE COMPLETE REPORT UNDER DOCUMENTS TO THE RIGHT

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.

 

Eksportfinans’ financial reports and other information are available on www.eksportfinans.com.

Facts about Eksportfinans ASA

Eksportfinans manages a portfolio of loans to the Norwegian export industry and foreign buyers of Norwegian capital goods. The company has not granted new loans since the government established a fully state owned entity responsible for new officially supported export loans in 2012. Eksportfinans’ loans are guaranteed by GIEK (The Norwegian Export Credit Guarantee Agency) and/or banks. The company also manages a portfolio of international securities. The business is funded through bonds and commercial paper issued in the international capital markets. Eksportfinans was established in 1962 and is owned by banks operating in Norway and the Ministry of Trade, Industry and Fisheries on behalf of the Norwegian government. For more information about Eksportfinans, please refer to www.eksportfinans.com