Moody's cuts Eksportfinans

Moody's Investors Service said it 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 hybrid A2 from hybrid Aa3, respectively.

All ratings were placed on review for further downgrade. The Prime-1 short term ratings were unaffected.

This follows the Norwegian Ministry of Finance's decision not to grant Eksportfinans a permanent exemption from the European Union's Capital Requirement Directive.

Moody's said the downgrades reflect its view that the decision implies a weaker commitment from the Norwegian government to support Eksportfinans, in the event of need.

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