Finnish power utility Fortum Oyj's stand-alone credit profile (SACP) is 'bbb+'. Our 'A-' long-term rating on Fortum is one notch above the SACP, based on our criteria for government-related entities (GREs) and our view that there is a "moderate" likelihood the group would receive timely and sufficient extraordinary support from its 50.8% owner, the Republic of Finland in a financial stress scenario. This is based on our assessment of Fortum's: "Strong" link with the government, given the Finnish state's 50.8% ownership. We believe that the government is likely to retain its majority ownership stake, as the group is categorized as a strategically important entity. "Limited" role for the government. Notwithstanding Fortum's position as the owner and operator of a sizable
