In our view, adverse industry conditions have weakened Finnish power generation company Fortum's profitability and operating cash flow generation, which combined with hefty investments have led to weaker credit measures. As a result, we believe that Fortum's business risk and financial risk profiles have weakened. We are lowering our long- and short-term ratings on Fortum to 'A-/A-2' from 'A/A-1', and affirming the 'K-1' Nordic scale short-term ratings. The negative outlook reflects our view that Fortum could find it difficult to improve its financial risk profile and credit measures to a level we view as commensurate with its 'bbb+' stand-alone credit profile over the next 12-24 months. STOCKHOLM (Standard&Poor's) Nov. 27, 2012--Standard&Poor's Ratings Services today said it
