In the original version of this article, published on March 12, 2004, some figures were misstated in the rationale and profitability and cash flow sections, and in the financial tables. A corrected version follows. The second-largest utility in the Nordic region, with well-diversified and competitive generation. A complex and well-located oil refining operation, with attractive margins, a strong supply position, and a large retail network. Stable monopoly electricity distribution and heating operations. Exposure to the competitive Nordic electricity wholesale and supply market. Exposure to volatile crude oil and refining margins, and dependence on only two refineries. Low upstream oil supply integration, with exposure to supply concentration from the high-risk Russian market. The ratings on Finland-based Fortum Oyj reflect its position
