Moody’s affirms Eksportfinans

Moody's Investor Service said it affirmed Eksportfinans ASA's Ba3 issuer and senior unsecured debt ratings and and Not-Prime short-term ratings.

The outlook on all long-term ratings remains stable.

Moody’s said the affirmation reflects: (a) The sound credit quality of Eksportfinans' loan book that benefits from guarantees by the Norwegian government via export credit agency GIEK and/or highly rated banks; (b) its good capitalization (Tier 1 ratio 30.3% at end-September 2015), which is likely to further improve as the balance sheet continues to deleverage; and (c) improving clarity on liquidity needs taking into account the diminished risk of debt repayment acceleration, following the March 2014 ruling in favor of Eksportfinans by the Tokyo District Court in the claim relating to the company's Samurai bonds.

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