STANDARD & POOR’S ASSIGNED A BBB+ CORPORATE LONG-TERM CREDIT RATING TO FORTUM

Standard & Poor’s has today assigned a BBB+ corporate long-term credit rating to Fortum Oyj and its subsidiaries with a stable outlook. Concurrently with announcing Fortum’s rating Standard & Poor’s confirmed the Swedish Fortum Power and Heat AB’s rating at BBB+ with a stable outlook. Fortum Power and Heat AB, formerly known as Birka Energi AB, was acquired by Fortum earlier in 2002.

 

The Standard & Poor’s credit rating reflects Fortum’s leading market position in the Nordic power market and its strong refining business in Finland and the Baltic Rim. The rating provides Fortum’s investors with an objective third party opinion on the financial strength and stability of Fortum’s business and is intended to improve Fortum’s financial transparency and disclosure. Fortum is also seeking to maximise financial flexibility and the credit rating facilitates access to a broader and deeper investor base.

 

Following the Q3 results announcement on 24 October 2002, Fortum will be hosting an additional fixed income investor and analyst conference call to discuss its strategy and financial performance.

 

Fortum Corporation

 

 

Carola Teir-Lehtinen

Senior Vice President, Corporate Communications

 

 

Distribution:

Helsinki Exchanges

Key media

 

 

For further information, please contact:

Seppo Viitanen, Group Treasurer, tel. +358 10 452 4477, mobile +358 50 452 4477