Standard&Poor's Ratings Services said today that the announcement of the sale by the Finnish energy company Fortum Oyj (BBB+/Stable/A-2) of Fortum Petroleum AS, its Norwegian oil and gas exploration and production business, to the Italian oil and gas company ENI SpA (AA/Stable/A-1+), will have no effect on the ratings or outlook on Fortum Oyj. The sale has been anticipated and incorporated into Fortum's existing ratings. This has most relevance in the financial profile, since the sale consideration of about $1.078 billion (€1.065 billion) is planned to be used to reduce debt. The positive impact on the business risk resulting from further increased focus on core operations has also been factored in. The sale needs regulatory approval before it
