STOCKHOLM (Standard&Poor's) Sept. 9, 2003--Standard&Poor's Ratings Services said today that the ratings and outlook on Finnish energy conglomerate Fortum Oyj (BBB+/Stable/A-2) and related entities are unaffected by the group's announcement that it plans to spin off and stock-list its oil operation (including the company's refining, marketing, shipping, and production assets and operations). A disposal would have positive credit implications, as it would reduce business risk and allow Fortum to further its strategic focus on the Nordic utility business. Proceeds could also be used for debt reduction. The group is expected to remain exposed to the oil business, however, by retaining a majority share in the new company in the medium term. Furthermore, there is uncertainty over
