Eksportfinans ASA



The current ratings are AA from Standard & Poor's and Aa3 from Moody's.

Standard & Poor's BBB+ (negative outlook)

Publishing date November 25, 2011



Moody's Ba1 (review for further downgrade)

Publishing date November 22, 2011




Financial facts

Eksportfinans presents its accounts according to International Financial Reporting Standard (IFRS).





Comprehensive income (NOK mill)




New loans disbursed (NOK bn)




New bond debt issued (NOK bn)




Total assets (NOK bn)



Capital adequacy (%)




Third Quarter Report 2011


2011-11-24 08:17 時報資訊 【時報-台北電】

挪威政府持股17%的銀行Eksportfinans ASA,債信評等遭信評機構穆迪(Moody's)連降7級至投資等級以下的Ba1,美商高盛證券台灣金融產業分析師張進森昨(23)日按2011年上半年財報指出,國泰金(2882)、富邦金(2881)、新光金(2888)等曝險部位分別達93、48、241億元,未來恐面臨價值減損認列的潛在風險。



   此外,歐債曝險部位相對於銀行與證券業,也是近期外資圈sell side最不看好壽險族群的主要原因,如張進森不但給予國泰金與新光金「賣出」投資評等,其中新光金更列為「亞太區優先賣出名單」,就是怕潛在地雷。

  以債信評等剛被穆迪由Aa3連降7級、至投資等級以下Ba1的挪威進出口銀行Eksportfinans ASA為例,張進森指出,儘管挪威政府持股Eksportfinans ASA達17%、且其他挪威大型銀行也同樣持有股權,債信評等依舊遭到調降至投資等級以下,意味著有政府背書的金融業發債已不再是「無風險報酬」,未來信用風險勢必會跟著攀升。

  張進森指出,按2011年上半年財報數據,國泰金、富邦金、新光金在Eksportfinans ASA的曝險部位分別為93、48、241億元,分別佔2011年9月淨值比重的5.4%、2.1%、29.6%,若以高盛證券所預估的2012年稅前獲利計算,比重則分達60%、19%、351%。

  儘管債信遭調降並不意味著有違約風險,但張進森提醒,Eksportfinans ASA債信是「連降7級」,台灣壽險業未來恐面臨資產減損認列風險。(新聞來源:工商時報─記者張志榮/台北報導)


Eksportfinans' business activities are based on strong financial ratings.

Funding of Eksportfinans' business is mainly conducted in the international capital markets, and is reliant on foreign investors. To ensure that our investors and our clients have access to objective information about the institution and its credit quality, Eksportfinans has had international ratings since the early 1980s.

Eksportfinans' strong ratings play a crucial part in helping us obtain favourable funding terms. Strong financial rating ensure the lowest possible funding cost for all government supported activiteies, reducing subsidy payments from the government. Strong rating also help us ensure that the Norwegian exporters and their clients are offered favorable financing terms.

  • Moody's Investors Service Credit Opinion 28.10.11
  • Standard and Poor's Credit Opinion 12.09.11
  • Standard and Poor's Research Update 07.06.11 (pdf) 
  • Moody's Investors Service Credit Opinion 27.04.11 (pdf)
  • Standard and Poor's Credit Opinion 14.06.10 (pdf)
  • Standard and Poor's Research Update 07.05.09 (pdf)
  • Moody's Investors Service Credit Opinion 25.11.09 (pdf)
  • Moody's Investors Service Credit Opinion 15.05.09 (pdf) 

    Rating Action

    Moody's downgrades Eksportfinans's ratings to Aa3 from Aa1; review for further downgrade (Norway)

    London, 28 October 2011 -- Moody's Investors Service has today downgraded Eksportfinans ASA's issuer and debt ratings to Aa3 from Aa1.
    The subordinated debt and hybrid ratings were also downgraded to A1 from Aa2 and A2(hyb) from Aa3(hyb), respectively. All ratings were placed on review for further downgrade. The Prime-1 short term ratings were unaffected.

    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 (CRD). The downgrades reflect Moody's view that the decision implies a weaker commitment from the Norwegian government to support ksportfinans, in the event of need. The review reflects that Eksportfinans will have to either restructure its larger loans and/or increase its capital, which could exert pressure on the institution's franchise and its profitability, as well as the increasing uncertainty regarding governmental support.

    The CRD applies to all financial institutions in the European Economic Area countries, including Norway. Despite the Ministry's decision not to grant a permanent exemption, Eksportfinans will nevertheless benefit from a one-year transition period to year-end 2012, during which it will be exempt from the directive. Eksportfinans has since the beginning of the year benefited from a prior temporary exemption to the CRD.

    After this transition period, Eksportfinans will have to adhere to the directive's large exposure provision, which stipulates that no exposure can exceed 25% of regulatory capital. The institution reports that under the directive, the maximum allowable exposure to a single client would be approximately NOK1.4 billion, compared with NOK7.1 billion under the current rules, based on Eksportfinans's regulatory capital at year-end 2010. Consequently, we expect that Eksportfinans will need to consider some material changes to its capital structure and/or its large exposures.
    Moody's downgrade of Eksportfinans's ratings reflects its view that the Ministry of Finance's decision not to grant a longer-term exemption to the CRD implies a weaker commitment to support Eksportfinans. Historically, a substantial element of support has been incorporated into Eksportfinans's ratings, reflecting the Ministry of Finance's previous demonstrations of support, including the offering of funding for qualifying export projects for two-years ending in 2010 and the placement in a higher objective category by the State Ownership Commission in 2009.
    However, in the press release where it communicated its decision, the Ministry of Finance stressed its commitment to continue to provide support to the export industry but did not specifically refer to Eksportfinans. Therefore, Moody's understands it is conceivable that a solution may be found to support exporters that does not include Eksportfinans. As a result, we have reduced the uplift incorporated into Eksportfinans's
    During the rating review, Moody's will focus on the implications for the institution's business model and on its monopoly status for governmentsponsored export lending. It will also assess whether the current rating levels adequately reflect the likely levels of future governmental support.
    Moody's understands that to comply with the CRD, Eksportfinans will have to either restructure its larger loans and/or increase its capital, if possible. The rating agency added that whilst a successful capital raising could address some concerns, a substantial restructuring to reduce exposures to large loans could jeopardise Eksportfinans's franchise and profitability, or even compromise its operations under its current business model. Furthermore, Eksportfinans has to date benefitted from a legal monopoly with respect to the provision of governmentsupported export lending in Norway. Such a market position may be in question in the future, dependent on the outcome of the Ministry of Finance's future plans for the export finance industry.
    Whilst the review process will consider all possible options, Moody's says that it could potentially result in a multi-notch downgrade of Eksportfinans's issuer and debt ratings, in particular (i) if compliance with the regulation significantly alters Eksportfinans's privileged position as the only provider of government-supported export credits or (ii) if the government does not prove supportive in the process of ensuring compliance with the new rules.
    In line with Moody's methodology for government-related issuers, Eksportfinans's Aa3 issuer and senior debt ratings rating is derived from a Baseline Credit Assessment of 5 (on a scale of 1 to 21, where 1 represents the lowest credit risk) and Moody's assessment of systemic support for Eksportfinans, which reflects its function as an important tool for the government (15% ownership) as a provider of funding to the Norwegian export sector.

    The principal methodology used in this rating was Revised Methodology for Government Related Non-Bank Financial Institutions published in Aug 2006. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
    Headquartered in Oslo, Norway, Eksportfinans reported total assets of around NOK205.6 billion (EUR26.4 billion) at end-June 2010.

    For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
    The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
    Information sources used to prepare the rating are the following : parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.
    Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.
    Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.
    Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.
    Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.
    Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.
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