Strong competitive position as one of the largest integrated utilities in the Nordic region. Well-diversified and competitive generation portfolio. Stable electricity distribution and heating operations. Exposure to competitive markets and volatile power prices. Growing exposure to higher-risk Russian power market. Sizeable capital expenditure program. The ratings reflect Fortum's position as one of the largest integrated utilities in the Nordic region, its diversified and competitive generation portfolio, and its stable electricity distribution and heat operations. These strengths are partly offset by the company's exposure to the competitive Nordic electricity wholesale and supply markets, volatile wholesale power prices, exposure to the higher-risk Russian market, and significant capital expenditure program. The ratings further reflects our methodology for rating government-related entities (GREs) and our
