Investor news

S&P Global Ratings affirms Fortum’s subsidiary Uniper’s long-term rating of BBB- with negative outlook following German government support

29 July 2022, 21:30 EEST



S&P Global Ratings (S&P) has resolved Fortum’s subsidiary Uniper’s Credit Watch Negative placement by affirming the BBB- long-term credit rating with a negative outlook. On 5 July 2022, S&P placed Fortum’s and Uniper’s credit rating on CreditWatch Negative. According to S&P, Uniper is now considered as a government-related entity with a high likelihood of support.

At the same time, S&P sees Uniper’s stand-alone credit quality to have weakened. The negative outlook reflects S&P’s view that Uniper will continue to operate under an uncertain environment, because of the high volatility surrounding gas flows delivered.

The resolution on the rating by S&P follows the announcement made on 22 July 2022 that Fortum, Uniper and the German government have agreed on a comprehensive stabilisation package to provide financial relief to Uniper. As Germany’s largest importer of natural gas, Uniper has been hit hardest by the curtailments of Russian gas imports, and as a result is under extreme financial pressure.

The confirmation of the investment grade rating of Uniper by S&P is one of the requirements of the stabilisation package. The agreement still requires all applicable regulatory approvals, in particular by the European Commission, as well as an approval by an Extraordinary General Meeting of Uniper.

For further details on the Uniper rating, please see Uniper’s press release as published today.

Fortum Corporation
Ingela Ulfves, VP, IR and Financial Communications

Further information:

Investors & analysts:
Carlo Beck, IR Manager, tel. +49 172 751 2480
Rauno Tiihonen, IR Manager, tel. +358 10 453 6150
Jouni Huttunen, VP, Treasury, tel. +358 50 452 4649

Fortum News Desk +358 40 198 2843