STOCKHOLM (Standard&Poor's) Dec. 18, 2003--Standard&Poor's Ratings Services said today that its ratings and outlook on Finland-based Fortum Oyj (BBB+/Stable/A-2), the Nordic region's second-largest energy utility, are unaffected by the decision announced today by Fortum's affiliate Teollisuuden Voima Oy (TVO; BBB/Stable/A-2) to invest in a new nuclear reactor to be commissioned in 2009. TVO's total investment cost is estimated at about €3.2 billion, of which about €2.5 billion will be debt financed. TVO is a nonprofit company that sells its power at cost to its shareholders, which are severally liable for TVO's fixed costs in proportion to their ownership. Fortum has an approximate 25% share in the project and will provide equity and shareholder loans totaling €225
