Standard & Poor’s downgrades Eksportfinans to BB+ with negative outlook


The rating agency Standard & Poor's issued a press release today, stating their downgrade of Eksportfinans ASA to BB+ with a negative outlook. At the same time the Company was removed from the rating agency's CreditWatch, on which it was placed following the Norwegian Government's decision made public on November 18, 2011, to assume responsibility for the government-supported export credit scheme. This scheme had previously been managed by Eksportfinans since 1978.

Profit warning for financial statements 2011


Following the downgrading of Eksportfinans' debt by Moody's to Ba1 and by Standard &Poor's to BBB+ in November 2011, the fair value of the Company's debt instruments is significantly reduced. As a result the valuation of Eksportfinans debt instruments carried at fair value as of December 31, 2011 will be significantly reduced compared to September 30, 2011. The Company currently estimates that the reduction in fair value of its debt instruments will be approximately NOK 40 billion before tax. As a result, in accordance with IFRS, the Company will therefore record an unrealized gain on financial instruments of approximately NOK 40 billion through its Profit &Loss statement. The company's capital ratios will not be affected in any material way by this unrealized gain. 

Agreements on export financing


On November 18, 2011, the Norwegian government announced that it will establish a state owned and funded export finance scheme for CIRR qualifying loans. It is planned that the new state owned entity will be operational from July, 1, 2012 at the latest. Until then, an interim arrangement in cooperation with Eksportfinans has been put in place. The Norwegian parliament approved this when passing proposal number 138 S (2011-2012), as per proposition 34 S and 42S (2011-2012). There is no upper limit for new loan offers for the interim period. The grant for new loan approvals and transfer of certain existing loans from Eksportfinans has been proposed at NOK 40 billion.

Information regarding the new Norwegian export financing scheme


On November 18, 2011, Prime Minister Jens Stoltenberg announced that the Norwegian government intends to establish a state-funded scheme for export credit financing for the Norwegian export industry. The scheme will assume responsibility for the export financing for projects that qualify under the OECD Arrangement on Export Credits (CIRR qualifying contract financing) previously managed by Eksportfinans ASA (“Eksportfinans”), including the state-supported export financing scheme offering the OECD Commercial Interest Reference Rate (“CIRR”).

Eksportfinans: lending transactions in breach of EU’s Capital Requirement Directive


Eksportfinans has recently received enquiries regarding the consequences of the decision not to grant Eksportfinans a permanent exemption from the regulations regarding largest exposures to one single client in EU’s Capital Requirement Directive. Based on this the Company has decided to publish information that will be included in the Interim Report for the third quarter 2011, due on November 8, 2011.

Moody’s downgrades Eksportfinans’ ratings with two notches


The rating agency Moody’s issued a press release today, stating their downgrade of Eksportfinans ASA with two notches. The rating is placed on review for further downgrade. The rating action follows the Norwegian Ministry of Finance’s decision not to grant Eksportfinans a permanent exemption from the European Union’s Capital Requirement Directive. However, the Government has granted Eksportfinans an extended exception until December 31, 2012.

The programme for the Norwegian Finance Day in Huston on September 22 is now available


Eksportfinans is coorganizer of the Norwegian Finance Day on September 22 in Houston, in close cooperation with the Guarantee Institute for Export Credits (GIEK), the Royal Norwegian Consulate General in Houston and DnB NOR. The subject of the day is “ Look to Norway: Cutting Edge Technology – Attractive Long Term Financing”. The principal objective of the event is to offer potential US purchasers of Norwegian capital goods and services an overview of which financial vehicles are at hand to make business with Norwegian suppliers more attractive. The final programme of the event which takes place at Federal Reserve Bank in Houston is now available. 

Financing of Norwegian deliveries to Shtokman


The bid for the Subsea and Floating Production Unit installations on Shtokman Phase 1 has started. We expect that a significant part of the financing will be provided by export credit institutions. Eksportfinans offers competitive long term financing to the Norwegian export industry. All Norwegian suppliers participating in Shtokman tenders are welcome to contact Eksportfinans for application guidelines.

For more information on the application process, please contact Anna Musiej Aanensen, Senior Vice President (+ 47 22 01 23 04), or Olav Einar Rygg, Executive Vice President Lending (+ 47 22 01 22 51).

Nor-Shipping 2011: Visit Eksportfinans’ stand May 24-27.


Norway Trade Fairs (Norges Varemesse) at Lillestrøm will once again be the setting for Nor-Shipping, and this year it is taking place from May 24 to May 27. Eksportfinans will be participating with its own stand this time as well, and can be found in hall C (Safety at Sea – Safety and Rescue Park) at stand number C02-30d (by the lounge area). Stop by to test your geography skills and see whether you can excel in the competition of becoming “The Navigator of the Day”. There will be daily prizes for both skillful and lucky competitors.

Eksportfinans awarded “Deal of the Year 2010” in two transactions


The international magazine “Marine Money” each year awards “Deals of the Year” in several categories. For 2010 Eksportfinans was in the winning team in two of these categories: Export credit West (with the Pacific Drilling transaction) and Project Finance (with the OSX1 Leasing transaction). Marine Money “ is not surprised by the inordinate amount of nominations received when compared to other type of financing transactions – the power of export and its critical lubricant is noteworthy”.

Eksportfinans 3rd quarter 2010: Increased activity within renewable energy – continued strong results from underlying business


The strong results from underlying business continued into the third quarter, and net interest income amounted to NOK 1.1 billion in the first nine months of 2010. Eksportfinans experiences increased demand for financing from Norwegian companies with international activities. In addition the activity is increasing within the Company’s new focus areas renewable energy and environmental-related projects.

President and CEO Gisele Marchand at the Annual Conference of the Norwegian Financial Services Association on March 31, 2009:


The bond market in Norway currently functions only for large and solid enterprises and best for those with ties to the Government. Other corporations are dependant on the bank- and credit markets in order to obtain financing. This was the message given by Eksportfinans’ CEO Gisele Marchand at the annual conference held by the Norwegian Financial Services Association on March 31, 2009. Her speech was titled “The role of the bond market and the connection with the export industry”.

Eksportfinans’ agreement with the Norwegian Goverment is approved


On November 26, 2008, Eksportfinans entered Norwegian into an agreement with the Norwegian Government whereby the Government provides funding to Eksportfinans in order to ensure that Norwegian exports will be able to obtain long- term financing of their projects. The Agreement was approved by the Norwegian Parliament December 19, 2008, by Eksportfinans' General Assembly on January 29, 2009 and by the EFTA Surveillance Authority on January 30, 2009.

Information to our customers about the agreement between Eksportfinans and the Ministry of Trade and Industry


On November 26, 2008, Eksportfinans and the Ministry of Trade and Industry entered into an agreement ('Agreement') securing future financing of Norwegian exports. The Agreement entails that Eksportfinans can borrow directly from the Norwegian Government to finance contracts which qualify for the use of officially supported export credits (so called CIRR-loans). As an alternative we may also offer floating rate loans for financing these contracts. The Agreement is subject to the approvals from the Norwegian Parliament, Eksportfinans' General Assembly and the EFTA Surveillance Authority.

Eksportfinans ASA to Voluntarily Withdraw Securities from American Stock Exchange pursuant to NYSE Euronext’s Acquisition of Amex


Oslo, November 10, 2008 - Eksportfinans ASA today announced that it will voluntarily withdraw $18,268,000 PLUS Notes Linked to the S&P 500® Index due March 20, 2009 currently listed on the American Stock Exchange. The voluntary delisting of the securities is occurring as a result of the acquisition of the Amex by NYSE Euronext and NYSE Euronext's plans to consolidate all listed exchange-traded funds and structure products on NYSE Arca and the consequent delisting of all securities from the Amex. Eksportfinans has decided not to transfer the listing of the securities to the NYSE Arca.

Press Release: Eksportfinans first quarter 2008


Continued strong disbursement of export lending, results influenced by the situation in the international credit markets
New disbursements of export related lending was NOK 3.1 billion in the first quarter of 2008, compared to NOK 2.3 billion in the same period in 2007. The Norwegian maritime industry and the oil and gas sector were still experiencing high levels of activity throughout the first quarter 2008, and new disbursements of export related financing from Eksportfinans thus increased by 32.4 percent in comparison to the equivalent period in 2007. Lending from Eksportfinans’ subsidiary Kommunekreditt Norge AS remained stable, and total outstanding loans increased by 2 percent since year-end 2007.


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