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S&P Global Ratings affirms Fortum’s long-term rating of BBB following Uniper support package, outlook negative

03 August 2022, 18:45 EEST

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S&P Global Ratings (S&P) has resolved Fortum’s Credit Watch Negative placement by affirming the current BBB long-term credit rating with negative outlook. On 5 July 2022, S&P placed Fortum’s and its subsidiary Uniper’s credit rating on CreditWatch Negative.

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 for Uniper. To address the impacts of the Russian gas curtailment on Uniper, the agreement includes various financially supportive and legal measures, including the German state taking a 30% equity stake in Uniper.

S&P assesses that the support package for Uniper will prevent further incremental costs for Fortum and considers Fortum's financial exposure as capped. According to S&P, the negative outlook reflects Fortum's exposure to Uniper until the European Commission has approved the support package and the longer-term uncertainties about the company's strategy.

On 29 July 2022, S&P affirmed Uniper’s long-term rating of BBB- with negative outlook following German government support. For further details on the Uniper rating, please see Fortum’s Investor News and Uniper’s press release on the companies’ respective websites as published on Friday 29 July 2022.

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.

Link to S&P’s rating report on Fortum: Finland-Based Power Company Fortum 'BBBA-2'Ratings Affirmed Following Uniper Support Package; Outlook Negative

Fortum Corporation

Ingela Ulfves, VP, IR and Financial Communications

Further information:

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

Fortum News Desk +358 40 198 2843