With reference to Moody’s downgrading of the rating in Eksportfinans ASA from Aa3 to Ba1 today, the largest owners of the company will have the interests of all stakeholders in focus, alongside own interests as shareholders.
No new loans will be granted from Eksportfinans going forward. Eksportfinans will be managing Norway’s export financing on behalf of the Kingdom of Norway until the new permanent organization is in place, no later than July 1, 2012. The company’s funding and liquidity situation is assessed to be well matched to its needs going forward.
Eksportfinans is considered to be adequately capitalised to manage the run-off portfolio. The existing loan book, which is fully supported by government guarantees (42.3%) or bank guarantees (57.7%) also going forward, is not affected by recent developments and the downgrade from Moody’s is not motivated by asset quality concerns. The owners consequently plan to wind down the company in an orderly manner with the aim of maintaining the equity in the company intact.
DNB Bank ASA 40.0% ownership share
Nordea Bank Norge ASA 23.21% ownership share
The Norwegian Government 15.0% ownership share
Danske Bank A/S 8.09% ownership share