Investor news

Fitch affirms Fortum’s long-term rating of BBB, changes outlook to negative

23 June 2022, 21:50 EEST

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Fitch Ratings has affirmed Fortum’s current long-term credit rating at BBB, but has revised the outlook from stable to negative. According to Fitch, the revision in outlook reflects mainly the growing risks related to a further gas market disruption across the EU due to a potential stoppage of Russian gas flows. Fitch sees that this would have a negative impact especially for Fortum’s subsidiary Uniper, potentially triggering also liquidity tension for Fortum.

Fitch assesses that Fortum’s liquidity position is solid as Fortum has been proactive in managing liquidity during the recent months of market turbulence and has just signed new long-term facilities worth EUR 5.5 billion.

Fortum has had an investment grade rating of BBB from Fitch since 2018.

Fortum’s objective is to have a solid investment grade rating of at least BBB to preserve financial flexibility and good access to capital markets. At the end of March 2022, Fortum Group had access to almost EUR 6 billion undrawn committed short- and long-term financing, and possessed liquid funds of EUR 6.4 billion. Fortum’s financial net debt-to-comparable EBITDA ratio was at 1.0 times, clearly below the target level of <2.0 times.

In June 2022, Fortum signed the above mentioned long-term EUR 5.5 billion revolving credit facility. This facility replaces the EUR 1.75 billion revolving credit facility with a maturity in June 2023 and the EUR 3 billion facility with a maturity in July 2022.

Link to the Fitch report: Fitch Revises Fortum's Outlook to Negative; Downgrades Short-Term IDR to 'F3'

Fortum Corporation

Ingela Ulfves
Vice President, Investor Relations and Financial Communications

Further information:

Carlo Beck, Manager, Investor Relations, tel. +49 172 751 2480
Jouni Huttunen, VP, Treasury, tel. +358 50 452 4649

Fortum News Desk +358 40 198 2843