A diverse and competitive generation portfolio. Stable electricity distribution and heating operations. Strong competitive position as one of the largest integrated utilities in the Nordic region. Exposure to competitive and increasingly challenging Nordic power markets and volatile power prices. Increasing exposure to the higher-risk Russian power market. A sizable capital expenditure (capex) program and fairly aggressive dividend policy, resulting in relatively high debt. Debt reduction from the proceeds of recent asset disposals, although pressure on credit measures from weak power prices remains. Strong interest coverage for the "significant" financial risk profile. The negative outlook on Finnish power company Fortum Oyj reflects Standard&Poor's Ratings Services' view that Fortum could face challenges in maintaining a financial risk profile and credit
